There is far too much going on at the start of the week with the charts beginning the week with an opening gap in several US$/pairs, so, in bullet points: By August 13, 2018
- The US$ remains very bid in the medium term against the Euro, Aud, Kiwi and Sterling in particular. A sell on rallies today in EurUsd/AudUsd etc would seem to be the plan
- US$Chf and US$Jpy seem stuck in the mud against the US$ but remain very firm on the crosses. Further Jpy/Chf strength seems to lie in store this week, so again, buy these currencies on rallies in EurJpy, NzdJpy and EurChf etc. (i.e. sell the crosses into near term strength)
- Aud/Nzd seems set for higher levels and appears to be a buy on dips.
- Gold and silver are doing nothing. However they are sitting above important support and I suspect at some stage will crack under US$ strength and may be a sell at current market price.
- Stocks – leave alone. Too much action elsewhere.
- The PBOC will continue to devalue the Yuan. Buy the dollar on dips.
- WTI looks ok in the short term but I suspect that is is a sell into strength. There are easier things to trade right now.
Sell EurUsd @ 1.1430. SL @ 1.1510, TP @ 1.1300
Sell AudUsd @ 0.7300. SL @ 0.7380, TP @ 0.7200
Sell NzdJpy @ 73.00. SL @ 73.80, TP @ 72.00
Sell Gold @ Market. SL @ 1230, TP @ 1180
Sell Silver @ Market. SL @ 15.70, TP @ 14.50