The US$ remains under pressure on Thursday, although the technical picture looks rather mixed today so a more cautious approach is required, with the US$/majors all giving very little hint in either direction. US$Jpy looks a little better bid right now but any negative news will see risk sentiment turn sour quite rapidly, so any dollar bid tone could disappear very quickly. The same currently applies to the Yen crosses, with EurJpy and GbpJpy both currently looking to head a bit higher.
Elsewhere there is very little to go on although WTI looks as if it could follow through on yesterdays 3% rise.
Further out, I still think US$ strength will resume, and so selling all the above mentioned currencies into a near term rally remains the longer term tactic.
Stocks look a bit mixed today, although the ASX looks heavy.
By August 23, 2018
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*Trade of the day: August 23, 2018 7:31 AM(AET)
*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.
Short term – 24 Hours
Range Trade: EurUsd: 1.1550/1.1650
Range Trade: AudUsd: 0.7320/0.7400
Medium term
Sell EurUsd @ 1.1650. SL @ 1.1710, TP @ 1.1500
Sell AudUsd @ 0.7400. SL @ 0.7435, TP @ 0.7225
Sell Gold @ 1205. SL @ 1215, TP @ 1160
Sell Silver @ 15.00. SL @ 14.00, TP @ 15.50
