3 Apr: Trend table outlook for FX, Commodities, Indices

By | April 3, 2019

The U$ has been fairly steady on Tuesday but still looks underpinned, heading into Wednesday, against most of the majors and this is again backed up by a more positive DXY daily chart, where the daily momentum indicators point to higher levels ahead.

The Euro is pretty much unchanged at 1.1200, but appears set for a test of the 1.1175, 7 March low, below which could see a run towards 1.1100, so I would prefer to remain short for the time being and to sell into short term strength.

AudUsd looks heavy although the short term momentum indicators do appear to be turning a little higher, so I prefer to sell near 0.7100 looking for an eventual test of 0.7000.

Sterling looks bid today, both against the dollar and on the crosses, but is very dependent on Brexit headlines so stand aside.

The Kiwi is looks heavy, but is sitting above decent support at 0.6735 (200 DMA). A break allows for a run towards 0.6700/15 and potentially towards 0.6630

The ASX also looks very perky right now although the dailies suggest that it may be running out of steam. Above 6290 though, opens the way to 6350.

US stocks have had a steady session but do appear ready to continue to the topside in the medium term, where a run towards 2900 in the S+P may be on the cards. At the same time, the DJI may see a run towards 26400, above which could target 26950.

WTI has broken above the 200 DMA at 61.50 and, now at 62.50, appears set to run towards 63.50 (61.8% of 76.87/42.23) and then onto the S/H/S target at 70.00. Buy dips, with SL below 61.00.


*Trade of the day: April 3, 2019; 8:28 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.

Sell EurUsd @1.1235. SL @ 1.1275, TP @ 1.1125

Sell AudUsd @ 0.7100. SL @ 0.7050, TP @ 0.7100

Sell NzdUsd @ 0.6790. SL @ 0.6815, TP @ 0.6690

Buy S+P @ 2850. SL @ 2820, TP @ 2900

Buy WTI @ 61.70. SL @ 60.70, TP @ 63.50