The US$ is mixed at the start of Tuesday trade, stronger against the Aud and Kiwi, weaker elsewhere, particularly against the Chf, which looks as though it has further downside momentum ahead of it. The other majors look a little directionless today although the Aud and Kiwi may have some short downside pressure during the session. If so, given the look of the longer term charts, any dips would currently seem to be a buying opportunity.
The crosses are not showing an awful lot although the Aud and Kiwi pairs, which yesterday looked firm, today look a bit heavy, and the dailies are becoming overbought so we may see a bit of a run to the downside. Much will depend on whether we see safe-haven demand for the Jpy, I suspect.
The real action appears to be in the stockmarkets which appear set to test lower levels in the days ahead, and selling rallies is preferred.
WTI looks to be a buy on dips, but with a tight SL below the Monday low (55.26)
By November 20, 2018
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*Trade of the day: November 20, 2018(AET)
*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.
All trades are good till 5.00pm NY time. All “in the money trades” should have the SL raised to break-even, or managed manually. All “out of the money trades” should keep original SL in place.
Range Trade: EurUsd: 1.1390/1.1490 (SL 30 pips either side)
Range Trade: US$Jpy: 113.00 /112.10 (SL 30 pips either side)
Range Trade: AudUsd: 0.7255/0.7330 (SL 30 pips either side)
Buy AudUsd @ 0.7255. SL @ 0.7235, TP @ 0.7325
Buy WTI @ 56.00. SL @ 55.15, TP @ 58.00
