Today’s Trading Plan 07.17.2017 – USDJPY, EURGBP, USDCHF

*Good morning/afternoon everyone!*

It should be no surprise to our members that after last week’s disappointing U.S. economic reports, USD/JPY remains under pressure. U.S. rates are down and we continue to believe that USD/JPY will drop to 112. Yet the greenback is trading slightly higher versus the euro, sterling and commodity currencies as investors worry whether about whether Draghi will disappoint in the same way as Yellen. Strong moves last week also invited profit taking which is the main reason why most of the major currency pairs are trading lower. While we think Draghi will suggest a less dovish posture, it is clear that the market doubts that possibility going into the rate decision. Last night’s stronger Chinese data failed to have a lasting impact on the commodity currencies. This morning we have the US Empire State survey and Canadian existing home sales scheduled for release.

*The MAIN THEMES I see today are*

-USD
+AUD
+EUR
-CAD

*Trading Biases*

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

*Today’s Potential Ideas*

1. Sell USDJPY at market now 112.49, Stop at 112.99 Target 112.19
2. Place Order to EUR/GBP at 0.8769, Stop at 0.8709, Target 0.8805
3. Place Order to Sell USD/CHF at 0.9630, Stop at 0.9670, Target 0.9605

Cancel ALL pending orders by 3:30PM NY / 19:30 GMT / 5:30AM AEST
Close ALL open day trades by 4PM NY / 20 GMT / 6AM AEST

Swing

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