There is once again very little to go on at the start of the week and more choppy sideways trade looks set to dominate the price action and a cautious stance is required in all markets.
The only thing that I can see is that, having tested and failed the upside on Friday, the Aud and the Kiwi may now both want to take a more sustained look at levels back under 0.7750/0.7350 respectively. Having said that, both the daily carts for these pairs look constructive, so if we do see a slide lower, it may be just to provide a more medium term buying opportunity – although the long upper wicks on the daily charts do suggest that a top may be in place. All too confusing!
I still prefer to sell rallies in the Aud and Nzd and currently to buy dips in US$Jpy.
Sell NzdUsd @ 0.7415. SL @ 0.7445, TP @ 0.7315
Sell AudUsd @ 0.7810. SL @ 0.7845, TP @ 0.7700
Buy US$Jpy @ 106.80. SL @ 106.45, TP @ 107.80
*Trade of the day: 4/16/2018 7:20 AM (AET)
*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.