Higher US yields led stocks lower on Friday and it looks as though they (yields) will head higher still, with the 10’s likely to crack 3% very soon, which will keep the pressure on the downside as far as the US indices are concerned. At the same time the US$ seems set to remained underpinned, with US$Chf looking the best bet to head higher, but I think the Aud and Kiwi will also stay under pressure. US$Jpy seems set to be conflicted between the higher yields and lower stocks (i.e. risk-off) but it does seem to be building a reverse Head/Shoulder formation, with a target above 110.00, so is worth watching and buying dips is currently the preferred strategy. The crosses all look confused, so best left alone right now although EurGbp did make a weekly key-reversal higher and may have more upside to come. Cable looks sick and won’t have a pleasant St Georges Day today I don’t think!
*Trade of the day: 4/23/2018 7:41 AM (AET)
*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.
Sell EurUsd @ 1.2300. SL @ 1.2350, TP @ 1.2185
Buy US$Jpy @ 107.40. SL @ 106.85, TP @ 108.45
Buy US$Chf @ 0.9710. SL @ 0.9675, TP @ 0.9825
Sell AudUsd @ 0.7700. SL @ 0.7740, TP @ 0.7625
Sell NzdUsd @ 0.7235. SL @ 0.7280, TP @ 0.7125