Gold Sell Setup..Most important level
After a headline from OPEC regarding future productions cute, alongside surprizing data from the weekly API survey yesterday, Crude is now advancing strongly. We like longs between 55.50s and here, looking for 57.00 initially.
The USD has been weaker recently after poor economic data. In contrast, Canadian data has been good and now with the Canadian elections behind us, we can expect more strength in the Loonie. Today's retail sales could surprize to the upside on the back of stronger employment conditions and stronger wages recently. Look to sell USDCAD between 1.3100 and 1.3120.
European earnings have started to come out better than expectations. Alongside this, we have had some positive news on the US/China trade front. As such, we still like the upside in Dax. Look to get long around Friday's High.
SEK Inflation data due shortly. Given the recent PMI data, we are expecting a worse print, which would catch the market off guard and send USDSEK higher. EURSEK is also another consideration for the trade. Enter AFTER the data - do not anticipate.
Markets are now very sensitive to data. Worse ISM on Tuesday and worse ADP yesterday have sent stocks lower and have generated a broad risk-off tone. Today everything hinges on the ISM Non-Manuf. report due at 16.00 CET. If, as we expect, the print comes in worse, we will look to sell the Dow. Target is 25250s.