It looks as though the US$ is going to remain underpinned today – and into next week judging by the longer term charts, – and keeping the pressure also on Gold, although all this will depend on the outcome of the US Jobs report, due late in the session.
The Euro is breaking out of its triangle formation that has been building over the last couple of months and a test of 1.1500 looks on the cards, below which could see the next leg higher of the longer term US$ uptrend.
Both the Aud and the Kiwi also look heavy although they remain above recent lows at this stage, although EurAud looks heavy and it seems that the Euro will out-pace the Aud$ on the downside. AudNzd looks slightly bid in the short term – Keep an eye on today’s Australian Retail Sales..
Stocks generally seem to remain a buy-on –dips scenario but I’m not going near them.
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*Trade of the day: 8/3/2018 7:12 AM (AET)
*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.
Sell EurUsd @ 1.1600. SL @ 1.1640, TP @ 1.1520
Sell AudUsd @ 0.7380. SL @ 0.7405, TP @ 0.7280
