The US$ is lower today, with the Aud in particular making good gains on new hopes of progress in the US/China trade talks. Trading the Aud$ from the long side currently looks to be the plan although much will depend on today’s domestic jobs number. Buying it against the US$, Jpy, Sterling or the Euro seems to be the best plan. In the longer term I still like the short side based mostly on increasing yield differentials and like to leave a wide sell order incase of increased volatility after today’s data.
On the back of the Aud$/weak US$, Gold currently looks a short term buy, and could head towards 1215. Keep stops tight below 1200.
Elsewhere today, direction is going to depend on the ECB/BOE Meetings and the US CPI figure. I still prefer to look for levels to sell the Euro although some caution is warranted today so look for somewhere above 1.1700.
WTI had a choppy session on the back of the incoming hurricane. The daily charts seem to be turning slightly higher so I like to buy dips below 70.00 and the best bet would seem to be to look for a continuation of the recent 66/71 range, with a SL on any new shorts above 71.00 to be placed at around 71.70.
US Stocks still look neutral/positive in the near term, and still seem to be a buy on dips, although as we said before caution is warranted incase Donald Trump steps in again and ramps up the trade tensions with China/EU/Japan etc.
By September 13, 2018
*Trade of the day: September 13, 2018 7:21 AM(AET)
*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.
Range Trade: EurUsd: 1.1725/1.1585 (SL 30 points either side)
Sell AudUsd @ 0.7215. SL @ 0.7265, TP @ 0.7100
Sell GbpAud @ 1.8220. SL @ 1.8305, TP @ 1.8100
Buy Gold @ 1200. SL @ 1193, TP @ 1215