6 July: Trend table outlook for FX, Commodities, Indices

By | July 6, 2018

Traders have generally gone on hold until we see the outcome of what is going to happen with the US/China trade sanctions, which are due to come into force at 2.00pm AET today so it could be busy later in the Asian session. After that, the US employment data will be the key focus late in the session.

Technically, the US$ seems to have generally run out of steam for the time being and the Euro in particular seems as though it could push a little higher, where 1.1750/70 would not surprise although I still think that it may be a longer term sell.

Stocks look positive in the short term, but any bad news on the trade front could quickly eradicate that bullish theory, so a cautious stance is required.

WTI looks a bit heavy and in the short term seem to be a sell on rally, but with a tight stop loss placed above the trend high.

On the crosses, EurAud looks positive as does EurJpy. AudNzd also looks to be a buy on dips.

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*Trade of the day: 7/6/2018 8:04 AM (AET)                             

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

Buy EurUsd @ 1.1660. SL @ 1.1620, TP @ 1.1760

Sell EurUsd @ 1.1770. SL @ 1.1810, TP @ 1.1670

Buy EurAud @ 1.5780. SL @ 1.5740, TP @ 1.5950