Market Brief Series / EP. 437 /1st Nov. 2018

Overall there is strength in the GBP, JPY, and USD. Weakness in the NZD, AUD, and CAD, with minor weakness in CHF and EUR.
Oil prices fell on Thursday, extending losses in previous sessions, amid signs of rising supply and growing concerns that demand might weaken on the prospect of a global economic slowdown.
USD strengthened for a third day, as the ADP jobs reports came better than expected. The ICE Dollar Index edged up 0.1% on day to 97.08.
GBP rose on Thursday on reports that UK Prime Minister Theresa has struck a deal with the European Union on financial services.
AUD/USD created a hammer candle last week, signaling a bearish exhaustion. The currency pair has found acceptance above 0.71 today and could soon cut through falling trendline from January highs as both the RSI and stochastic are flashing bullish divergence on the daily chart.
EUR/USD is still capped by a bearish channel, as long as 1.1350 holds on the downside, look for a drop with target at 1.1300. Alternatively, crossing above 1.1350 would trigger a technical rebound with 1.1400 as target.
On the data slate there’s Switzerland Consumer Confidence; UK Nationwide House Prices; Switzerland CPI; Switzerland Manufacturing PMI; UK Manufacturing PMI; UK BOE Bank Rate; UK BOE Asset Purchase Target; UK BOE Inflation report; UK BOE’s Carney Speaks at Press Conference in London; US Initial Jobless Claims; US Continuing Claims; US Construction Spending; US ISM Manufacturing and US ISM Employment.

Today Trading Plan

SELL EUR/USD @ 1.1330 OR BETTER – STOP @ 1.1370 – TARGET @ 1.1265
SELL GBP/USD @ 1.2840 OR BETTER – STOP @ 1.2860 - TARGET @ 1.2620
BUY USD/JPY @ 113.00 OR BETTER – STOP @ 112.50 – TARGET @ 113.80
SELL CL1218 @ 65.35 OR BETTER – STOP @ 66.30 – TARGET @ 63.80
SELL AUD/USD @ 0.7125 OR BETTER – STOP @ 0.7160 – TARGET @ 0.7065
SELL XAU @ 1218 OR BETTER – STOP @ 1225 – TARGET @ 1195
SELL XAG @ 14.30 OR BETTER – STOP @ 14.90 – TARGET @ 13.70

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.

Writing a series means playing a long game,
investing considerable time and effort up front in
hopes of substantial returns down the road.