Yen weakness is the main theme running through the currency markets today, and buying dips is US$Jpy seems to be the main plan although much will depend on the statement coming out of the FOMC meeting later in the session.
Elsewhere, both US$Chf and €/Usd look as though they may be under some short term pressure against the US$, while the Aud$ looks as if it may be attempting to build the legs for another move to the topside. As before though, with regard to the Aud$, I prefer to sell into near term strength given the rising differential between US/AUS yields, while looking forwards to tomorrow’s FOMC Meeting.
Stocks look positive again and the buy the dip trade still seems to be in place for the time being.
WTI remains choppy but right now looks heavy, while Gold may be looking to head higher although today’s session was choppy and saw it spike down to 1214 before a sharp run up to 1228
———————————————————————————————————————-
*Trade of the day: 8/1/2018 6:24 AM (AET)
*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.
Sell EurUsd @ 1.1740. SL @ 1.1790, TP @ 1.1660
Sell AudUsd @ 0.7450. SL @ 0.7490, TP @ 0.7350
Buy US$Jpy @ 111.50. SL @ 110.90, TP @ 113.00
