The picture is a little mixed on Tuesday, with the US$ still looking heavy in the medium term but possibly looking to make some near term gains, as shown by the 4 hour charts which generally suggest that we should be looking for levels to buy the dollar for the next 24 hours, ahead of Trump’s State of the Union speech and the FOMC Meeting. Elsewhere, the US stock indices look rather heavy and a further correction would not surprise. The commodities look as though they are going to be choppy and there is little bias either way although a stronger dollar would see the pressure weigh on the downside. In the crosses, Sterling looks a little heavy right now.
*Trade of the day: 1/30/2018 8:18 AM (AET)……
*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.
Sell EurUsd @ 1.2430. SL @ 1.2505, TP @ 1.2325
Buy US$Jpy @ 108.60. SL @ 108.15, TP @ 109.70
Buy US$Chf @ 0.9320. SL @ 0.9280, TP @ 0.9420