Today’s Trading Plan for 08.24.2017 – USDCHF, AUDUSD, EURAUD

*Good morning/afternoon everyone!*

As Federal Reserve officials and central bankers from around the world gather at Jackson Hole for their annual summit, the U.S. dollar is enjoying a firmer tone. We have a few pieces of U.S. data due for release today (jobless claims and existing home sales) but none of them are expected to have a significant impact on the greenback. Yellen and Draghi don’t speak until tomorrow so it could be a quiet day in the FX market with an upward bias for the buck. U.S. yields are slightly higher but politics are also driving the dollar’s recovery with Senate majority leader Mitch McConnell offering a conciliatory tone to President Trump. The best performing currency this morning is USDJPY but GBPUSD is also performing well as it bounces off 1.28. The commodity currencies are under pressure as the U.S. dollar recovers but CAD still manages to hold its gains, pressuring USD/CAD lower.

*The MAIN THEMES I see today are*

+USD
-AUD
-NZD
+CAD
-CHF

*Trading Biases*

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

*Today’s Ideas*

1. Sell AUDUSD at market now 0.7895, Stop 0.7935, Target 0.7875
2. Buy USDCHF at market now 0.9646, Stop at 0.9606, Target 0.9666
3. Buy EURAUD at market now 1.4943, Stop at 1.4903, Target 1.4963

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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