The week draws to an end with Stocks rebounding for now, USD holding strong and believe it or not Greek Debt relief is being discussed today on how much forgiveness the Greeks will be shown….

A bit of cleaning up of the trading portfolio, adding new trades  and looking ahead for next week:

  1. Long AUDNZD: the pair has traded up to 1.0730 level and retraced to current price of 1.0690.  Happy to keep this grinder on and worst case stopped with profit.
  2. Long VIX via VXK8:  we took profit yesterday as VIX index slide lower on the back of rising Stock markets.  Closed 26/4 at 17.50.   The index traded up to 18.60 on 25th.  This is something that we will be following closely for opportunities to trade in and out and also when we feel the equity market is under pressure.
  3. Long DXM8: The Greenback continues to trade well even when rates in the U.S. have fallen from their recent highs.  This is a good sign that the market will try to test the 92.00 level I am looking at.  However there is a risk of lower prices into the weekend on profit taking.
  4. New Positions entered 26/4. Long XAUUSD(Gold):  1317.00  Stop at 1280   Target 1365 and 1400.  I have been mentioning Gold as something I wanted to buy on dips for two reasons.  Gold has been in a very defined range since the start of the year and 1310 level is the bottom of the range.  I also like having it in the portfolio in case of political trouble or inflation focus heats up.  I suggested to clients to buy in ¼ to 1/3 of total position at this level and ready to purchase more on a dip to 1307 to 1310 level.  As long as the USD is strong gold will remain on the defensive, giving us a chance to get long at good levels.  I will be suggesting a stop at the 1280 level.  Should it break that level we will need to reevaluate.

Gold chart from start of 2018

TickerDate OpenedEntry PriceStop LossTarget PriceCurrent Price
Long AUDNZD13/41.05501.06601.081.0690
Long DXM8 23/490.5591.2092.0091.46
Long XAUUSD(Gold)26/4131712801365 and 14001316

– Mark W

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