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

By | May 7, 2018

The US$ looks a little mixed on Monday, with the short term charts hinting that we could be entering a more choppy period of trade. Growing oversold conditions do suggest some potential for a positive bounce but I suspect that such a move would be temporary, and with the longer term charts still looking negative, selling into strength would seem to be the plan.

On the crosses, Sterling looks under pressure, particularly against the Aud, which might be telling us that the current bounce in AudUsd is set to continue. EurJpy also looks a bit heavy in the longer term charts

Stocks remain highly volatile although the longer term trend des still seem to point lower, while WTI is looking increasingly likely to test 70.00/72.00.

*Trade of the day: 5/7/2018 6:53 AM (AET)       

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

Sell EurUsd @ 1.2020. SL @ 1.2070, TP @ 1.1900

Buy US$Chf @ 0.9935. SL @ 0.9885, TP @ 1.0035

Sell NzdUsd @ 0.7070. SL @ 0.7115, TP @ 0.6955

Sell AudUsd @ 0.7575. SL @ 0.7610, TP @ 0.7475