Market Brief Series / EP. 387 / 22nd Aug 2018
Overall there is strength in the EUR, GBP, CHF and NZD. Weakness in the JPY, USD and CAD with minor weakness in the AUD.
US President Donald Trump’s former lawyer Michael Cohen admitted he made illegal campaign contributions and his lawyer Lanny Davis issued a statement after the plea saying that Trump directed Cohen to commit a crime. Meanwhile, investors await the closely watched US Federal Reserve’s FOMC meeting minutes due later today.
Oil prices rose on Wednesday, supported by a drop in U.S. crude inventories and a weaker dollar, along with concerns about a potential shortfall of Iranian oil from November due to U.S. sanctions.
USD extended its decline on Tuesday remained on the defensive on Wednesday, as U.S. President Donald Trump's comments on monetary policy continued to weigh on the greenback and as the markets awaited U.S.-China trade talks and Federal Reserve minutes for directional cues.
AUD/USD is threatening to snap the four-day winning streak. The weak tone in the Aussie dollar seen today could be associated with signs of risk aversion in the US equity index futures.
EUR/USD is still heading upward, backed by its ascending 20-and 50-period moving averages. RSI stands firmly above it neutrality area, which confirms a positive outlook. As long as 1.1530 is support, likely advance to 1.1630. Alternatively, below 1.1530, look for further downside with 1.1470 as target.
On Data slate there’s US Mortgage Applications; US Existing Home Sales; US Crude Oil Inventories and US FOMC Meeting Minutes.
SELL EUR/USD @ 1.1580 OR BETTER – STOP @ 1.1650 – TARGET @ 1.1410
SELL GBP/USD @ 1.2900 OR BETTER – STOP @1 .2960 - TARGET @ 1.2825
BUY USD/JPY @ 110.20 OR BETTER – STOP @ 109.70 – TARGET @ 111.20
BUY CL1018 @ 65.80 OR BETTER – STOP @ 65.00 – TARGET @ 68.10
SELL AUD/USD @ 0.7360 OR BETTER – STOP @ 0.7410 – TARGET @ 0.7250
SELL XAU @ 1197 OR BETTER – STOP @ 1208 – TARGET @ 1178
SELL XAG @ 14.75 OR BETTER – STOP @ 15.20 – TARGET @ 14.00
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