After a soft start, the US$ is generally a stronger today and it seems that this could continue again today, with US$Jpy looking positive on all time frames although strong resistance lies ahead at 113.20 (200 WMA). Politics looks set to weigh on Cable although we need to see a weekly close below 1.3050 (100 WMA) to then allow a run towards 1.2850 (Long term rising trend support). The Euro has moved back into rather neutral territory, while the commodity currencies do look a little heavy today but I would not see too much in either direction until the US session, when Powell speaks again to the Senate Panel.
Stocks look a little firmer in the near-term and also look underpinned further out, but without showing too much enthusiasm for the upside. Buying dips seems to be the plan here for now.
In the crosses, AudJpy and EurJpy both look headed for slightly higher levels over time although there may be better levels to buy into in the near term.
The other big mover of the day was Gold, down 1% under pressure from the stronger dollar and it looks as though there may be further to go here, so selling rallies is preferred. I am now looking for 1215, and then 1200.
Sell EurUsd @ 1.1705. SL @ 1.1755, TP @ 1.1580
Sell AudUsd @ 0.7400. SL @ 0.7440, TP @ 0.7315
Sell Gold @ 1235. SL @ 1245, TP @ 1215
Buy US$Jpy @ 112.20. SL @ 111.20, TP @ 114.80
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*Trade of the day: 7/18/2018 6:25 AM (AET)
*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.
