Daily Alert: Tuesday 21st August 2018

Mark NugentAug 2018, Daily Alert

Daily Alert: Tuesday 21st August 2018

Tuscany!!

Summer schedule this week and next, so that’s email commentary only.

Updated trading plan is here – https://goo.gl/VEc9UF

Monday was reasonably risk on with equities rising but a slight dampener has been placed on things by Trump’s tweets denying previously reported plans to fix the US/China trade war by November, and then going on to heavily criticise Fed Chair Powell over rate hikes. To add to the fun, there is more Brexit-related disarray and business confidence sinks.

I did not close my Euro50 long position last Friday as a nice bullish pin bar had formed by the close. Also, I decided to stay in the S&P500 as it closed above the prior day’s high, but I moved the stop very close to the prevailing price. Both have continued up yesterday and so far today, as of 1100 BST. I do note that the S&P500 is getting close to resistance at January’s all-time high.

Long on equities should be a focus.

The USD has fallen from highs (and, of course, GOLD rises), the JPY is strong, the EUR is finally delivering the strength I was looking for last week, the GBP has turned up for the first time in a long time.

The EURUSD is rising to prior support at 1.1535, so a breakthrough here, showing support has not become resistance, would be a nice long signal. This is the best forex technical setup, of course allowing for the strength and weakness of the relevant currencies.

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