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

By | January 9, 2019

As with yesterday, I would not be overly enthusiastic about anything very directional today ahead of Donald Trump speaking, and then again ahead of the FOMC Minutes, and for the most part, it could be another tight and rangebound session.

The Euro remains near 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 finding strong resistance at the 100 DMA (1.1475).  Stops will lie above and I suspect that fading into a short term squeeze higher – if we see one- may be a plan. Otherwise, expect more rage trading..

The same sort of price action applies to the Aud and Kiwi although they may receive a boost if we see any progress in the US/China trade talks, so buying dips may be an idea.

Gold and Silver both look a little heavy in the near term but seem supported into dips, while WTI still looks to be a buy on dips as we look to head above 50.00, but keep a SL fairly tight.

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*Trade of the day: January 9, 2019; 10:07 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: 1.1400/1.1500 (SL 30 pips either side)

Sell EurUsd @ 1.1525. 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 @ 49.00. SL @ 48.00, TP @ 51.00