Important news for the day:
May 24, 8:30 UK Retail Sales
May 24, 12:30 US Core Durable Goods Orders (Apr)
EU bourses are seen opening in the red today, while the EUR/USD is possibly in a corrective move as DXY index shows a
double top. Gold prices held steady this morning after rising above $1,280 in the previous session as weak U.S. data pushed
the dollar off its 2-year highs and reignited hopes of a rate cut by the Federal Reserve later this year. The overall risk off stance
could prevail today supporting spot gold and sending the USD/JPY lower.
Elsewhere, the Aussie remained subdued after Westpac bank gave a dovish forecast with 3x rate cuts in 2019, while PM Arden
saw lower growth for the NZD. Meanwhile, oil prices bounced back more than 1% this morning amid Middle East tensions, but
still did not fully recoup losses incurred earlier this week. Today’s risk-off tone could diminish demand for oil, and we could see
prices head back lower.
● XAUUSD: we sold at 1275.40 with SL at 1302.00 and TP at 1240.00
● EURUSD: we sold again at 1.1155 with SL at 1.1185 and TP at 1.1120, target hit
● GBPNZD: we sold at 1.9440 with SL at 1.9640 and TP at 1.9100
● NAS100: we would like to sell at 7283.00 with SL at 7495.00 and TP at 700.00