Market Brief Series / EP. 365 / 12th July 2018 – Thurs.

Overall there is strength in the USD, CHF, with minor strength in GBP, EUR. Weakness in the AUD, NZD, JPY, with minor weakness in CAD.
Gold plunged $13.6 to $1242 an ounce as the dollar saw the biggest rise in two weeks. The outlook for the precious metals market in the short term is no longer bullish, but bearish.
Brent crude rose more than $1 on Thursday as focus turned to a big drawdown in U.S. stockpiles, recouping some of the market's heavy losses from the previous session that had been sparked by news that Libya would resume oil exports.
USD strengthened against major currencies on escalation of US – China trade tensions.
USD/JPY is trading at the highest levels since January earlier this year and has made a session high on Tokyo of 112.11, falling just shy of the NY high of 112.17.
AUD's bullish correction has ended and the pair is now heading to make a new low for 2018.
EUR/USD is under pressure below its key resistance level at 1.1700, which should limit the upside room. RSI is locating at the selling zone between 30 and 50, confirming the bearish outlook. So, as long as 1.1700 is not surpassed, look for a drop to 1.1650. Alternatively, crossing above 1.1700 would bring a rebound with 1.1770 as target.
On Data slate there’s German CPI; UK BOE Credit Conditions Survey; Euro-Zone Industrial Production; Euro-Zone ECB Monetary Policy Meeting Accounts; US FOMC Member Kashkari Speech; US Initial Jobless Claims; US CPI; US FOMC Member Harker Speech; US 30-Year Bond Auction and US Monthly Budget Statement.

My Personal Trading Plan

SELL EUR/USD @ 1.1675 OR BETTER – STOP @ 1.1720 – TARGET @ 1.1605
SELL GBP/USD @ 1.3200 OR BETTER – STOP @ 1.3270 – TARGET @ 1.3110
BUY USD/JPY @ 111.90 OR BETTER – STOP @ 111.45 – TARGET @ 112.95
SELL CL0818 @ 71.00 OR BETTER – STOP @ 71.65 – TARGET @ 68.50
SELL AUD/USD @ 0.7385 OR BETTER – STOP @ 0.7430 – TARGET @ 0.7310
SELL XAU @ 1245 OR BETTER – STOP @ 1252 – TARGET @ 1236
SELL XAG @ 15.80 OR BETTER – STOP @ 16.40 – TARGET @ 15.10

THE ABOVE BRIEF IS MY PERSONAL OPINION AND DOES NOT CONSTITUTE ANY PROMISES OR GUARANTEES OF PROFITS. TRADING IN CURRENCIES AND COMMODITIES ARE HIGH RISKS. YOU SHOULD NOT TAKE ANY MATERIAL POSTED AS RECOMMENDATION.

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