The markets are rather mixed on Wednesday with the US$ generally higher and with Sterling and the Euro leading the way lower. The Jpy remains weak, underpinning the crosses, with NzdJpy looking well bid right now. As far as the dollar is concerned, further upside looks possible and if the DXY breaks good resistance at 97.70 (currently 97.35) then we may see an acceleration higher. I think the Aud$ is a sell on rallies, and look for an eventual test of 0.7160, while I also suspect the Euro is heading back to 1.1215
Stocks are pretty flat but seem to be suggesting further short term gains. Further out, with the weeklies retaining a negative outlook, I still prefer to sell into rallies.
The metals look heavy although further downside momentum will depend on the direction of the dollar.
*Trade of the day: November 28, 2018; 7:53 AM(AET)
*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.
All trades are good till 5.00pm NY time. All “in the money trades” should have the SL raised to break-even, or managed manually. All “out of the money trades” should keep original SL in place.
Range Trade: EurUsd: 1.1340/1.1240 (SL 30 pips either side)
Sell: EurUsd: @ 1.1360 SL @ 1.1405, TP @ 1.1250
Range Trade: AudUsd: 0.7260/0.7170(SL 30 pips either side)
Range Trade: US$Jpy: 114.10 /113.10 (SL 30 pips either side)
Sell AudUsd @ 0.7280. SL @ 0.7305, TP @ 0.7165