Today’s Trades 04.20.2018 – EURUSD, GBPUSD AUDJPY

*Good morning/afternoon everyone!*

The U.S. dollar is trading higher against all of the major currencies this morning. There are no U.S. economic reports scheduled for release so the sustainability of the rally hinges upon the move in Treasury yields and stocks. Both are flat this morning so there’s no clear indication of continuation but the day is new and anything can happen. With Canadian retail sales and consumer prices on the calendar, the main focus this morning will be on USD/CAD, which is flat. We are negative on the data but 1.27 is an important resistance level for USD/CAD. EUR/USD broke down overnight but is holding 1.23 for the time being. GBP/USD extended its slide and is vulnerable to additional weakness with UK yields falling sharply. AUD and NZD are also under pressure but after extended declines, both currencies are hovering above key support level.

*The MAIN THEMES I see today are*

-EUR
-GBP
+USD

*Trading Biases*

-EUR, -GBP, -CHF
+USD, +JPY
neutral AUD, CAD, NZD

*Today’s Initial Trades*

Here’s the summary --

1. Sell EURUSD at 1.2302, stop 1.2330, Target 1.2274
2. Sell AUDJPY at 82.82, Stop at 83.10, Target 82.54
3. Sell GBPUSD at 1.4065, Stop at 1.4093, Target 1.4037

Close ALL open day trades by 10:20AM NY / 15:20 GMT

Swing

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