Market Brief / No. 280 / 08 - 03 - 2018

US dollar edged higher as investors remained uncertain about what effect President Donald Trump’s tariff proposals would have on the direction of the currency.

ECB will publish updated macroeconomic projections when it meets later today. There is some speculation that the ECB might drop its easing bias. Growth would warrant that, but inflation data doesn’t.

EUR/USD bulls managed to register a daily close above the 30-day SMA, this increases the likelihood for further gains. Long positions above 1.2380 with target at 1.2475. Alternatively, below 1.2380 look for further downside with 1.2300 as target. Intraday technical indicators are mixed and call for caution.

On the data slate there’s Switzerland Unemployment Rate; German Factory Orders; US Challenger Job Cuts; Euro-Zone ECB Deposit Rate Decision; Euro-Zone ECB Interest Rate Decision; US Initial Jobless Claims; US Continuing Claims; Euro-Zone ECB Monetary Policy Statement and Press Conference and US natural Gas Storage Change.

My Personal Trading Plan

BUY EUR/USD @ 1.2400 OR BETTER – STOP @ 1.2350 – TARGET @ 1.2480
SELL GBP/USD @ 1.3890 OR BETTER – STOP @ 1.3930 – TARGET @ 1.3765
SELL USD/JPY @ 105.80 OR BETTER – STOP @ 106.30 – TARGET @ 104.65
SELL CL0418 @ 61.50 OR BETTER – STOP @ 62.00 – TARGET @ 60.65
SELL AUD/USD @ 0.7820 OR BETTER – STOP @ 0.7855 – TARGET @ 0.7740
SELL XAU @ 1330 OR BETTER – STOP @ 1340 – TARGET @ 1316
SELL XAG @ 16.80 OR BETTER – STOP @ 17.20 – TARGET @ 16.00

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.

If You are New in Forex --> Read Forex Education Center / Volume I.