Today’s Trades 04.24.2018 – EURUSD, AUDCAD, AUDJPY, GBPJPY

*Good morning/afternoon everyone!*

After yesterday’s sharp gains, today’s moves can be best described as consolidation. The dollar is holding firm but many of the major currencies are positioning for a relief rally. Whether that happens or not will determined by Treasury yields, which are pulling back slightly at the start of the NY session. So far, 10 year rates have yet to breach 3% which is the key level to watch. Euro fell on the back of a weaker German IFO report but recovered all of its losses after bouncing off 1.22. Sterling found a bid from stronger fiscal finances but GBPUSD needs to rise above 1.3965 for the positive momentum to accelerate. There’s no specific explanation for why the New Zealand dollar is the weakest currency but AUD and CAD are vulnerable to short covering if U.S. yields fail to extend higher today. For the U.S., new home sales, consumer confidence and the CaseShiller house price index are scheduled for release. While new home sales could benefit from yesterday’s existing home sales jump, confidence could falter as geopolitical tensions in April rattle the markets.

*The MAIN THEMES I see today are*

+EUR
+GBP
+AUD
-JPY

*Trading Biases*

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

*Today’s Initial Trades*

Here’s the summary --

1. Buy AUDCAD at .9770, Target .9742, Target .9798
2. Buy EURUSD at 1.2214, stop at 1.2186, Target 1.2242
3. Buy AUDJPY at 82.78, Stop at .82.50, Target 83.06
4. Buy GBPJPY at 151.83, Stop at 151.55, Target 152.11

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

Swing

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