Markets are pretty much unchanged today after a choppy session, but after making a new trend high the EurUsd does look as though it might have some near term downside momentum, so trading the dollar from the long side remains favoured for today although the currencies may just remain choppy until the FOMC Meeting, Wednesday. The same applies to the other majors, with the exception of Cable which looks set to remain in neutral and could be rangebound, but subject to Brexit headlines. In the longer term, the Euro still looks firm, as does US$Jpy, so buying EurJpy could be a plan for a medium term outlook.
The US stock indices look a little heavy again today but remain healthy further out, so buying dips still seems to be the plan.
The metals remain rather choppy, so I think for now they are best left alone.
WTI is interesting, having now broken and closed above the neckline of the reverse Head/Shoulders. 72.70 is significant (Fibo) resistance, but above here, the H/S target is at around 80.00.
By September 25, 2018
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*Trade of the day: September 25, 2018 7:28 AM(AET)
*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.
Range Trade: EurUsd: 1.1700//1.1800 (SL 30 points either side)
Range Trade: AudUsd: 0.7220//0.7320 (SL 30 points either side)
Sell AudUsd @ 0.7285. SL @ 0.7335, TP @ 0.7185
Buy WTI @ 71.80. SL @ 71.40, TP @ 74.00
