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Today’s Trades 01.25.2018 – AUDUSD
*Good morning/afternoon everyone!*
All of the major currency pairs are licking their wounds this morning ahead of what will be a very busy morning in the FX market. We have the ECB meeting, Canadian retail sales and US trade, jobless claims, new home sales data on the calendar. The U.S. economic reports are the least interesting but in a week where we’ve seen very big moves in the greenback, I would not be surprised if the dollar had an unusually large reaction to these reports. Euro is trading lower ahead of ECB and we continue to expect profit taking before this big event. However we are holding off as there could be unusual spikes ahead of the meeting. Its too early to tell whether the dollar has found a bottom but we are biased towards a bounce during the North American session. There’s only one initial trade today because of the significance of this particular ECB meeting but -EURUSD and +USDJPY also look like attractive trades at these levels, with EURUSD closed before Mario Draghi speaks.
*The MAIN THEMES I see today are*
mildly -GBP, -NZD
neutral CHF, JPY, CAD
*Today’s Initial Trades*
1. Sell AUDUSD at .8072, Stop at .8100, Target .8044
Close ALL open day trades by 10:20AM NY / 15:20 GMT