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Today’s Trades 01.24.2018 – NZDCAD +33 pips already banked
*Good morning/afternoon everyone!*
The U.S. dollar is trading sharply lower against all of the major currencies today with this new leg down breaking support and resistance levels for many major currencies. USD/JPY is below 110 for the first time since September on U.S. trade war worries and U.S. bond selling as Treasury yields are up sharply today.
Euro and Sterling are very strong with EUR/USD hitting a high of 1.2350 following better than expected PMIs. Sterling is taking out as many stops as it can on the move upwards thanks to stronger than expected wage growth. The commodity currencies are also performing very well with the Australian dollar leading the gains. Its hard to say whether these strong moves will continue in the NY session because of the significant extensions but momentum is certainly on their side. This morning’s US existing home sales report generally does not have a significant impact on the greenback but with no major U.S. data this week and investors sensitive to any positive or negative dollar news, it could lead to a short-lived spike in volatility.
*The MAIN THEMES I see today are*
mildly +AUD, +NZD
neutral EUR, JPY, CHF
*Today’s Initial Trades*
1. Sell NZDCAD at .9129, Stop at .9156, Target .9100
Close ALL open day trades by 10:20AM NY / 15:20 GMT