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Today’s Trading Plan for 07.18.2017 – NZDCAD, AUDUSD, USDJPY
*Good morning/afternoon everyone!*
We are starting the NY trading the session with the U.S. dollar under heavy selling pressure. President Trump is losing support from members of his own party for the repeal of Obamacare. With 2 more Republican Senators saying they would oppose the repeal, they are now 2 votes short and this failure raises questions about the Trump Administration’s broader economic stimulus strategies. The dollar’s weakness took EUR to 1 year highs above 1.15 (before ECB) and AUD to 2 year highs. The only currency that did not benefit from the dollar ’s decline was GBP which took a hit from softer inflation. Interestingly enough, NZ also reported stagnant price pressures but the currency recovered all of its losses and is trading higher against the greenback. With fiscal troubles haunting the dollar now, we believe that further losses are likely as investors grow more skeptical of the Fed’s hawkishness. With the EUR now up nearly 10% year to date, ECB President Draghi may tone down his hawkishness in fear of stoking a runaway rally in the currency on Thursday.
*The MAIN THEMES I see today are*
+EUR, +CHF, +AUD, +CAD
neutral JPY, NZD
*Today’s Potential Ideas*
1. Sell NZDCAD at market now 0.9272, Stop at 0.9322, Target 0.9242
2. Buy AUDUSD at market now 0.7929, Stop at 0.7889, Target 0.7949
3. Place Order to Buy EURGBP at 0.8865, Stop at 0.8815, Target 0.8895
4. Place Order to Sell USDJPY at 112.20, Stop at 112.70, Target 111.90
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