The US$ has moved higher on Thursday, returning to levels last seen 10 days ago on the DXY, and for the time being averting the head/shoulder top that seemed to be forming on the charts. The scenario now seems to be one of buying the dollar on dips against any of the major pairs, (with the possible exception of Cable), and against the Euro and Aud in particular, which is where I prefer to be short. US$Jpy and US$Chf also look bid, with US$Jpy currently at levels last seen in January and looking healthy, although it is up against stiff resistance at the 200 WMA. A Friday close above 113.25 would open the way t o medium term gains; something to look at next week.
On the crosses today, both AudJpy and Nzd Jpy seem to have medium term s gains ahead of them so buying dips would be preferred, while EurChf seems to have put in a medium term base as well, so again, buying dips is preferred.
On the back of the stronger US$, Gold is lower today and seems to be a sell-on-rally scenario.
Stocks still look bid in the longer term but I am wary of the bearish divergence in the weekly charts and prefer to stand aside
WTI remains interesting after having broken and closed above the neckline of the reverse Head/Shoulders. 72.70 remains significant (Fibo) resistance, but above here the H/S target is at around 80.00. Look to buy dips near current levels, with a SL placed at 71.00.
By September 28, 2018
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*Trade of the day: September 28, 2018 6:59 AM(AET)
*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.
Buy WTI @ 71.80. SL @ 71.00, TP @ 74.00
Sell EurUsd @ 1.1685. SL @ 1.1725, TP @ 1.1600
Sell AudUsd @ 0.7225. SL @ 0.7255, TP @ 0.7170
Sell US$Chf @ 0.9730. SL @ 0.9690, TP @ 0.9865
Buy US$Jpy @ 113.00. SL @ 112.50, TP @ 114.00
Buy EurChf @ 1.1350. SL @ 1.1295, TP @ 1.1450
Range Trade: AudUsd: 0.7160//0.7260 (SL 30 points either side)
