The US$ does now look as though it has broken the bottom end of its range, especially against the Euro and Chf, and it would seem that it may have further to run so looking to sell the dollar into any near term strength would seem to be a plan. US$Jpy also looks increasingly heavy and I prefer to be short here as well. The commodity currencies look less certain but seem likely to benefit from any general US$ weakness. Note also that UsdCnh also looks increasingly heavy.
Stocks have risen for 4 days in a row and in the short term may need to stop to take breath but the dailies look increasingly bullish, while the weeklies may also be on the point of turning higher so buying dips now seems to be the plan.
WTI has reached the 200 DMA which may slow its upside progress but with the charts looking positive, buying dips is still favoured. The metals have had a good day and further US$ weakness would probably add to the upside progress.
*Trade of the day: January 10, 2019; 10:43 AM(AET)
*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.
All trades are good till 5.00pm NY time. All “in the money trades” should have the SL raised to break-even, or managed manually. All “out of the money trades” should keep original SL in place.
Buy EurUsd @ 1.1505. SL @ 1.1485, TP @ 1.1600
Sell EurUsd @ 1.1595. SL @ 1.1630, TP @ 1.1500
Sell US$Jpy @ 108.70. SL @ 109.10, TP @ 107.80
Buy AudUsd @ 0.7140. SL @ 0.7095, TP @ 0.7245
Buy WTI @ 51.20. SL @ 49.90, TP @ 53.00