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Trading Plan 04.27.2017 – AUDCAD, NZDJPY
Swing*Good morning/afternoon everyone!*
The U.S. dollar did not extend its losses in the overnight session but President Trump’s tax reform disappointment should cap gains for the greenback. The big focus this morning is the European Central Bank’s monetary policy meeting. They are widely expected to leave interest rates unchanged but between stronger data and lower inflation, the market is divided on what the ECB will emphasize. Commodity currencies are mixed today with CAD finally staging a strong rally off its high and AUD, NZD under pressure. GBP is very strong but there’s resistance near 1.29.
*The MAIN THEMES I see today are*
GBP Strength
AUD, NZD weakness
CAD Recovery?
*Currencies we plan on day trading and the direction*
*These could change during the day, but for now
We will be trading around these themes –
+GBP
-AUD, -NZD, +CAD
-USD
waiting to see how market feels about EUR
*Trading Biases*
These will change after US data
mildly -EUR
-USD, -AUD, -NZD
+GBP, +CAD
:triangular_flag_on_post: *Starting Trades*
OPENED AT MARKET AUDCAD Sell
ENTRY – 1.01347
STOP – 1.01847
TAKE PROFIT – 1.01047
OPENED AT MARKET NZDJPY Sell
ENTRY – 76.628
STOP – 77.128
TAKE PROFIT – 76.328