26 Apr: Trend table outlook for FX, Commodities, Indices

By | April 26, 2018

The US$ continues to pick up speed after having broken out of its long term consolidation. The DXY has closed the day up 0.5% and seems set for further gains ahead in the days to come so buying any dips in the dollar does still seem to be the plan. The hourlies are generally approaching overbought/oversold levels so we could see a minor correction lower in the dollar today but the theme is generally to trade from the long side. The metals look a little heavy and will come under further pressure if the dollar does head higher, while stocks look mixed and seem to hint at another near term squeeze higher although the longer term charts still look heavy. The crosses are also mixed but this is a dollar trade and further strength seems t lie ahead.

WTI is looking a bit toppish ahead of 70.00 and currently looks as though a range of 67/69 may cover it, with the downside possibly being under the most pressure today.

*Trade of the day: 4/26/2018 8:50 AM (AET)         

*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.

Sell EurUsd @ 1.2200. SL @ 1.2250, TP @ 1.2085

Buy US$Jpy @ 108.80. SL @ 108.40, TP @ 110.40

Buy US$Chf @ 0.9790. SL @ 0.9740, TP @ 0.9900

Sell AudUsd @ 0.7600. SL @ 0.7645, TP @ 0.7510

Sell NzdUsd @ 0.7100. SL @ 0.7140, TP @ 0.7000