Market Brief / 28-09-2017

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After Federal Reserve Chairwoman Janet Yellen signalled on Tuesday that the central bank is on track to raise interest rates gradually, investors projected a roughly 83% chance of a rate rise by December, up from about 73% a week before, according to Fed-fund futures tracked by CME group.

As investors’ confidence were boosted by the proposed tax reform, the US dollar and Treasury yields then got a boost, while gold was pressured. Gold lost 1.0% to $1.2800 an ounce, and silver slipped 0.2% to $16.74 an ounce. The US dollar registered gains against most major currencies, as ICE Dollar Index rose 0.4% to 93.36 extending its winning streak to a third day.

EUR/USD remained subdues as investors, in view of political uncertainty following Germany’s weekend election, kept taking profits from the single currency’s gains year to date. EUR/USD marked a day low of 1.1715, its lowest intraday level since August 18, before closing at 1.1743, down 0.4% on day.

The pair lost 209 pips or 1.8% in its three-day losing streak. The pair recorded lower tops and lower bottoms since September 22. Which confirmed a negative outlook. The downward momentum is further reinforced by the declining 50-period moving average.

RSI is below its neutrality level at 50. To sum up, below 1.1789, look for a further downside to 1.1715 and even to 1.1650 in extension. Alternatively, a break above 1.1780 would trigger a technical rebound with 1.1810 and 1.1850 as targets.

On the data slate there’s German Consumer Confidence Survey; UK Carney Speaks at BOE Independence Conference in London; Euro-Zone Consumer Confidence; German CPI; US GDP; US Personal Consumption; US Initial Jobless Claims; US Continuing Claims; US Advance Goods Trade Balance; US Wholesale Inventories; US Kansas City Fed. Manufacturing Activity and UK Consumer Confidence Survey.

SELL EUR/USD @ 1.1755 OR BETTER – STOP @ 1.1810 – TARGET @ 1.1650
SELL GBP/USD @ 1.3410 OR BETTER – STOP @ 1.3465 – TARGET @ 1.3320
BUY USD/JPY @ 112.50 OR BETTER – STOP @ 112.00 – TARGET @ 113.50
SELL CL1117 @ 52.20 OR BETTER – STOP @ 52.80 – TARGET @ 51.00
SELL AUD/USD @ 0.7850 OR BETTER – STOP @ 0.7905 – TARGET @ 0.7780
SELL XAU @ 1288 OR BETTER – STOP @ 1295 – TARGET @ 1265
SELL XAG @ 16.95 OR BETTER – STOP @ 17.30 – TARGET @ 16.40

THE ABOVE BRIEF IS MY PERSONAL OPINION AND DOES NOT CONSTITUTE ANY PROMISES OR GUARANTEES OF PROFITS. TRADING IN CURRENCIES AND COMMODITIES ARE HIGH RISKS. YOU SHOULD NOT TAKE ANY MATERIAL POSTED AS RECOMMENDATION.

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