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

By | January 8, 2019

I would not be overly enthusiastic about anything today and ahead of the FOMC Minutes tomorrow it could be a fairly tight and rangebound session.

The Euro looks mildly bid but it is at the top end of the range that has contained it since late October, so there will be plenty of selling interest into further strength I suspect. It is also sitting against the 100 DMA.  Sterling also looks a bit livelier but is subject to the never ending Brexit health warnings, so caution is warranted.

US$Chf looks heavy, while US$Jpy is correcting itself from last week’s flash-crash and is currently best left alone.

The Aud and Kiwi also look mildly bid although I am not sure how long that will last – possibly until today’s Australian Trade Balance.

Gold and Silver look a little heavy in the near term but seem supported into dips, while WTI still looks to be a buy on dips but keep a SL fairly tight.


*Trade of the day: January 8, 2019; 10:12 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: 1.14250/1.1525 (SL 30 pips either side)

Sell EurUsd @ 1.1540. SL @ 1.1560, TP @ 1.1400

Buy AudUsd @ 0.7090. SL @ 0.7045, TP @ 0.7150

Sell AudUsd @ 0.7190. SL @ 0.7220, TP @ 0.7080

Buy WTI @ 47.75. SL @ 46.75, TP @ 51.00

Sell US$Jpy @ 109.20. SL @ 109.65, TP @ 107.50