3 Oct: Trend table outlook for FX, Commodities, Indices

By | October 3, 2018

The US$ had a good day against the usual suspects, Euro, Aud, Kiwi, but today looks less certain and in the short term at least a more cautious tone seems prudent as some short covering would not surprise. Further out though, continued dollar strength remains favoured and selling all the above against the dollar  into near term rallies could be a plan.

The crosses suggest that the Jpy will be in demand in the short term, so trading EurJpy, AudJpy, NzdJpy from the short side seems to be a plan today.

Also, keep an eye on the Cad$, where higher levels still seem to lie ahead, at least against the Aud even though it has already come quite a long way. Look to sell near term rallies.

Gold did squeeze back to 1200 and actually spiked up to 1208. In the short term, we may see another test of the topside, further out, another test of 1160 is favoured.

US stocks still look bid in the longer term, especially the DJI, but I am wary of the bearish divergence in the weekly charts and prefer to stand aside

As before, WTI chopped around either side of 75.00 on Tuesday and it maybe that we see some short term downside bias but as before, having broken above the neckline of the reverse Head/Shoulders, the technical target is at around 80.00. Look to buy dips near current levels, with a SL today placed at 73.90.

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*Trade of the day: October 3, 2018 7:38 AM(AET)                            

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

Buy WTI @ 74.30. SL @ 73.60, TP @ 76.25

Sell EurUsd @ 1.1625. SL @ 1.1680, TP @ 1.1540

Buy EurUsd @ 1.1500. SL @ 1.1475, TP @ 1.1600

Buy US$Jpy @ 113.00. SL @ 112.50, TP @ 114.80

Sell AudUsd @ 0.7235. SL @ 0.7275, TP @ 0.7150

or

Range Trade: AudUsd: 0.7140//0.7240 (SL 30 points either side)

Range Trade: EurUsd: 1.1500//1.1600 (SL 30 points either side)