After a mostly rangebound session, and ahead of today’s US holiday, there is not too much bias either way in most pairs, so something similar to yesterday may be in store today.
US$Jpy looks a little heavy in the short term although the dailies remain mildly positive, while Cable seems to be capable of a little more upside momentum, albeit that this is very dependent on positive Brexit headlines. Both the Aud and the Kiwi seem underpinned in the short term although I still suspect that they are a sell on rally scenario.
Stocks look set to remain choppy, but in the absence of the US today, are probably best left alone. Keep an eye on Shanghai though, which is generally leading the direction. US stocks have so far remained very resilient to the fall in the Chinese markets, and overall I prefer to trade stocks from the short side.
Gold looks as though it could see a further recovery, but the longer term charts remain negative and at some stage the dollar will resume its uptrend, putting Gold under pressure. WTI has been volatile today. Near term I prefer the downside but in the medium term, a test of 80.00+ would not surprise.
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*Trade of the day: 7/4/2018 7:45 AM (AET)
*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.
Sell Gold @ 1260. SL @ 1270, TP @ 1240
Sell EurUsd @ 1.720. SL 1.1770, TP 1.1500
Buy US$Jpy @ 110.00. SL @ 109.40, TP @ 111.20
Buy GbpUsd @ 1.3155. SL @ 1.3095, TP @ 1.3275
