4 May: Trend table outlook for FX, Commodities, Indices

By | May 4, 2018

The US$ looks a little more mixed on Friday ahead of today’s US Jobs data, with the short term charts hinting that we could see some dollar weakness over the next 24 hours. In the longer term, the EU majors do seem set to remain under pressure against the dollar although US$Jpy could have topped out for now, while the Aud and the Kiwi seem to be trying to find a base.

In the crosses, EurJpy may be preparing for a move lower, while the Aud looks as though it could outperform both the Euro and Sterling over the next few days.

Stocks remain volatile and choppy but I prefer to trade from the short side given the look of the longer term momentum indicators.

No live trades today ahead of the NFP, although if we do see a decent squeeze higher in the Euro I would be looking to sell into the strength.

*Trade of the day: 5/4/2018 7:08 AM (AET)       

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

Sell EurUsd @ 1.2100. SL @ 1.2150, TP @ 1.1950