Trading plan for December 18

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As we can see from the economic calendar, there is no significant data today. That is why we recommend you to trade on the news and the market sentiment.

During the Asian session the risk-off sentiment across the markets increased as China’s president Xi Jinping failed to bring updates on the trade truce between the US and China during his speech. As a result, the Japanese yen strengthened against the US Dollar. For now, it has already tested the strong support at $112.488. If it is broken, the next support is at 111.614.  Parabolic SAR shows an uptrend for the pair. MACD shows a possible reversal, as both the indicator and its signal line are placed close to the zero mark. Don’t miss a chance to trade on this signal. If the USD strengthens, the first resistance will lie at 113.106. If this level is broken, bulls will target the next resistance at 113.980.

Now let’s look how the crude oil has been trading.

The prices for WTI and Brent keep falling down on the news about the US oversupply. The price for WTI has already tested the support at $48.67. More news about increased oil production will pull its price further to the next support at $47. On the other hand, more hints from OPEC+ on the future production cut will push the WTI price towards the resistance at $49.88. The next resistance lies at $51.55.

Now let’s look at Brent’s chart. For now, it has been targeting the support at $57.63. If bulls get back their strength, the price for Brent will rise towards the resistance at $58.92. If it’s broken, the next resistance is placed at $60.62.