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

By | November 9, 2018

The US$ is firmer following the FOMC Meeting and the short term charts hint that this may continue into the weekend so buying on dips against any of the majors seems to be the plan.

On the crosses, things look rather mixed but after a strong run higher, both AudJpy and NzdJpy seem to be topping out so selling rallies could also be an idea.

WTI still points sharply lower although it has now fallen for the 9th consecutive session so I would not be jumping in at these levels, preferring to see a bounce first.

Economic data highlights will include:                                                                                                  

Fri: Australian Home Loans/Investment Lending for Homes, RBA Monetary Policy Statement, China CPI, PPI, UK Manufacturing/Industrial Production, Provisional UK Q3 GDP, Trade Balance, US PPI, Wholesale Inventories, Michigan Consumer Sentiment Index

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*Trade of the day: November 9, 2018 7:06 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 @ 1.1400. SL @ 1.1440, TP @ 1.1300

Range Trade: AudUsd: 0.7100/0.7185 (SL 30 pips either side)

Sell AudUsd @ 0.7180. SL @ 0.7305, TP @ 0.7100

Sell NzdJpy @ 77.10. SL @ 77.35, TP @ 76.25

Sell WTI @ 62.00. SL @ 62.80, TP @ 60.50