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*Good morning/afternoon everyone!*
There is very little consistency in the performance of currencies this morning with the European currencies under pressure, the commodity currencies trading strongly and the U.S. dollar mixed as a result. Yesterday’s FOMC minutes were perceived as less hawkish but the odds of a December rate hike did not change, explaining the uneven demand for the greenback. Euro shrugged off stronger industrial production to find resistance below 1.19 as the enthusiasm for Spanish assets diminished. Sterling u-turned after hitting its August high during the Asia trading session. There’s little to explain the strength of AUD and NZD outside of short covering after strong downtrends.
*The MAIN THEMES I see today are*
-EUR, -GBP, -CHF, -NZD, -CAD
neutral JPY, AUD
1. Sell NZDUSD at .7113, Stop at .7143, Target .7083
2. Sell NZDJPY at 79.92, Stop at 80.22, Target 79.72
3. Buy USDCAD at 1.2474, Stop at 1.2444, Target 1.2494
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