29 Jan: Trend table outlook for FX, Commodities, Indices

By | January 29, 2019

The FX markets look rather mixed on Tuesday and it would seem that most traders will take their lead from the FOMC Meeting, due tomorrow. In the meantime, Cable looks a little heavy in the short term although the longer term charts still seem positive, so buying dips maybe a plan although it may be best to hang on until tonight’s Brexit vote before getting too involved..

I still think that the overall outlook for the Aud$ is lower as many things seem to be conspiring against it, so I prefer to sell rallies.

Stocks still look ok in the medium term but are rather heavy in the near term, having closed down by around 1% on Monday. Buying dips may still be the plan, which will work if the Fed shows a dovish bias tomorrow.

WTI is down by 3% today and the charts are rather mixed. On that basis I would stay square for now but I am looking to buy nearer 50.00, as we could be in the process of building a reverse Head/Shoulders formation (daily charts) with a target of somewhere around 66.00, so worth keeping an eye on. There is no hurry, and a few more weeks of 49.00/55.00 range trading may lie in store ahead of any directional move.

Having broken up through 1300, Gold may be building the steam for another leg higher, so worth watching

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*Trade of the day: January 29, 2019; 10:45 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.

Sell AudUsd @ 0.7220. SL @ 0.7250, TP @ 0.7100

Buy GbpAud @ 1.8250. SL @ 1.8100, TP @ 1.8500

Buy WTI @ 50.00 SL @ 49.00, TP @ 54.00