12 Dec: Trend table outlook for FX, Commodities, Indices

By | December 12, 2018

The U$ has had a solid session against the EU majors, and although it has now reached decent support against the Euro at 1.1300, a bear flag does seem to be forming on the charts, so a break of 1.1300 would suggest a run towards 1.1200. Otherwise we remain generally rangebound and there is not an awful lot of directional bias either way.

On the crosses, trading Sterling from the short side still seems t be a plan – although Cable remains highly volatile –  while AudNzd also looks as though it is going to take a look towards support at 1.0350.

Stocks remain highly volatile but I still prefer to trade from the short side, in selling rallies, although picking levels is tricky. The short term charts are looking mixed- to-slightly-positive so we may see better levels again today, but the longer term charts remain negative.

Gold was once again unable to break above 1250 and is now back at 1242/43, and with the charts rolling over, selling the rally with a tight SL above 1250 may be the plan here.

WTI is too choppy and headline driven so I would tend to avoid or to play a wide range above 50.00, with stop losses placed above 55.00 or below 49.25.


*Trade of the day: December 12, 2018; 7:15 AM(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: 1.1340/1240 (SL 30 pips either side)

Range Trade: AudUsd: 0.7155/0.7225 (SL 30 pips either side)

Sell AudUsd @ 0.7215. SL @ 0.7255, TP @ 0.7115

Sell EurUsd @ 1.1350. SL @ 1.1410, TP @ 1.1210