BKSWING – 4 New Orders for Week of 07.28.14

There are no shortages of market moving event risks on the FX calendar this week and while we think that FOMC and NFP could be uneventful, there’s always scope for an outsized surprise especially if the Fed chooses to acknowledge the improvement in the unemployment rate. If the FOMC statement sounds a bit more optimistic, it should be negative for GBP/USD. If NFPs surprise to the downside, EUR/JPY will suffer. There are also plenty of attractive relative value trades that we like including GBP/NZD and EUR/AUD. With no UK data scheduled for release until Friday, sterling could experience a stronger recovery while NZD should remain under pressure. The same is true for euro but AUD should find support from healthier Chinese data. Given these views, we are placing the following new pending orders:

Place the following NEW pending orders:

1. Sell GBP/USD at 1.6887

Stop at 1.6947

Close 1/2 at 1.6857, move stop to breakeven

Close rest at 1.6725

2. Sell EUR/JPY at 135.83

Stop at 136.43

Close 1/2 at 135.53, move stop to breakeven

Close rest at 133.50

3. Buy GBP/NZD at 1.9957

Stop at 1.9897

Close 1/2 at 1.9987, move stop to breakeven

Close rest at 2.0175

4. Sell EUR/AUD at 1.4182

Stop at 1.4242

Close 1/2 at 1.4152, move stop to breakeven

Close rest at 1.4025

***Remember, if 2 orders trigger without one hitting T1 first, all other orders are canceled

Swing

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