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

By | November 8, 2018

It has been a full risk on session following the US elections and stocks, in particular, look as though they have further gains ahead of them in the days ahead. The Yen remains under pressure as a funding currency, and although rather rangebound against the US$, it does look as though the Yen crosses have further upside potential, so buying EurJpy, NzdJpy or AudJpy on dips may be a plan.

Both the AudUsd and NzdUsd look strong as well although they have come a long way in recent days and I am reluctant to jump on board here.

On the crosses, EurAud looks heavy, as does AudNzd.

Elsewhere, WTI still looks heavy and appears to be a sell on rallies scenario.

Economic data highlights will include:                                                                      

Thur: RBNZ Meeting/Interest Rate Decision, Japan Current Account, Machinery Orders, Eco Watchers Survey, China Trade Balance, German Trade Balance, EU Economic Bulletin/Growth Forecasts, FOMC Meeting/Interest Rate Decision.

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*Trade of the day: November 8, 2018 7:53 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 EurUsd @ 1.1500. SL @ 1.1540, TP @ 1.1350

Range Trade: US$Jpy: 113.00 /114.00 (SL 30 pips either side)

Range Trade: AudUsd: 0.7315/0.7215 (SL 30 pips either side)

Sell AudUsd @ 0.7305. SL @ 0.7340, TP @ 0.7220