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Today’s Trades 02.12.2018 – USDJPY, EURUSD, AUDJPY, USDCAD
*Good morning/afternoon everyone!*
US equity futures are trading sharply higher this morning thanks to strong gains in Asia and Europe. This stabilization helps currencies find support after last week’s sharp losses. If stocks are able to close in positive territory today, we could see the beginning of a stronger recovery in FX and equities. Although there are no U.S. economic reports scheduled for release, investors are relieved that Congress’ passed a 2 year budget deal that puts a government shutdown behind us. They are also encouraged by reports that the Chinese government may have director shareholders to support the market. A recovery in stocks would drive the Yen crosses higher along with some of the high beta currencies that were beaten down last week. The big question today is whether the equity market recovery can be sustained and if so, USD/JPY could find its way back up to 109.00.
*The MAIN THEMES I see today are*
+USD, +EUR, +AUD, CAD
*Today’s Initial Trades*
1. Buy EURUSD at 1.2269, Stop at 1.2241, Target 1.2297
2. Buy AUDJPY at 85.07, Stop at .84.79 Target 85.35
3. Sell USDCAD at 1.2565, Stop at 1.2593, Target 1.2537
4. Buy USDJPY at 108.63, Stop at 108.35, Target 108.91
Close ALL open day trades by 10:20AM NY / 15:20 GMT