The week’s begins without a great deal of inspiration although Sterling looks set to remain heavy in the near term, following on from Friday’s steep selloff, and trading it from the short side against both the dollar and on the crosses is favoured. Elsewhere, the currencies look set to remain choppy, possibly until the FOMC Meeting, Wednesday, so there may be some range trading opportunities. The Yen crosses do look as though we could see some strength (Jpy strength), and so selling rallies in EurJpy, NzdJpy or GbpJpy may be a plan.
The US stock indices look a little heavy in the near term but healthy further out so buying dips still seems to be the plan.
The metals remain rather choppy, as does WTI, so I think for now they are best left alone.
By September 24, 2018
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*Trade of the day: September 23, 2018 7:45 AM(AET)
*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.
Range Trade: EurUsd: 1.1700//1.1800 (SL 30 points either side)
Range Trade: AudUsd: 0.7250//0.7310 (SL 30 points either side)
Sell NzdJpy @ 75.50. SL @ 75.85, TP @ 74.50
