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US markets were closed Monday for the Martin Luther King Jr. Day holiday. US dollar showed further weakness in face of a rallying euro.
EUR/USD posted its third day of solid gains against the dollar, lifted by progress on a governing alliance in Germany and hints the ECB may soon phase out its giant bond-buying program.
RSI stands firmly above its neutrality level at 50. Above 1.2230, look for a new advance with target at 1.2345. Alternatively, below 1.2230, expect a return with 1.2155 as target.
For the first time since the Brexit vote in June 2016, the British pound jumped across the US$ 1.3800 level touching US$1.3819.
On the data slate there’s German Wholesale Price Index; German CPI; UK Retail Price Index; UK House Price Index; UK PPI; UK CPI; US Empire State manufacturing Index; US 4-Week Bill Auction; US 3- and 6-Month Bill Auctions and Switzerland SNB Chairman Jordan Speech.
My Personal Trading Plan
SELL EUR/USD @ 1.2295 OR BETTER – STOP @ 1.2340 – TARGET @ 1.2210
SELL GBP/USD @ 1.3810 OR BETTER – STOP @ 1.3870 – TARGET @ 1.3700
BUY USD/JPY @ 110.70 OR BETTER – STOP @ 110.30 – TARGET @ 111.50
SELL CL0318 @ 64.40 OR BETTER – STOP @ 64.80 – TARGET @ 63.65
SELL AUD/USD @ 0.7970 OR BETTER – STOP @ 0.8010 – TARGET @ 0.7865
SELL XAU @ 1345 OR BETTER – STOP @ 1352 – TARGET @ 1330
SELL XAG @ 17.30 OR BETTER – STOP @ 17.70 – TARGET @ 16.60
THE ABOVE BRIEF IS MY PERSONAL OPINION AND DOES NOT CONSTITUTE ANY PROMISES OR GUARANTEES OF PROFITS. TRADING IN CURRENCIES AND COMMODITIES ARE HIGH RISKS. YOU SHOULD NOT TAKE ANY MATERIAL POSTED AS RECOMMENDATION.
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