9 Aug: Trend table outlook for FX, Commodities, Indices: FXCharts

The currencies are mixed on Thursday with the main action being seen in Cable, which is weaker again because of Brexit woes, as is the Kiwi after the recent RBNZ dovish outlook after having left rates on hold. Both look as though they will remain under pressure in for the coming session as well as in the medium term.

As we said yesterday, AudNzd has broken strong resistance, and could now be headed towards 1.1100-50, where the high so far has been 1.1096.

The Euro, Chf and the Aud$ both look mildly positive against the US$ but overall seem set to remain rangebound until the US CPI, Friday and I prefer to sell rallies in both. The Jpy also looks bid and we may be in for further strength there, both against the US$ and on the crosses. USDCNH looks increasingly toppish and may be headed sub 6.8000 although in the medium term I still prefer to buy dips.

Elsewhere, the US stock indices still appear to be a buy the dip scenario , while the metals may be trying to form an interim basing formation, albeit that the weeklies still look heavy, so selling rallies is preferred. WTI headed sharply lower in its current choppy phase. Lower levels would seem to lie ahead.

Sell EurUsd @ 1.1650. SL @ 1.1690, TP @ 1.1550

Sell AudUsd @ 0.7445. SL @ 0.7490, TP @ 0.7345

Sell EurAud @ 1.5700. SL @ 1.5750, TP @ 1.5600

Sell Gold @ 1220. SL @ 1230, TP @ 1200

Leave a Reply

Your email address will not be published.