The “risk-on” theme looks likely to continue this week with stocks once again leading the way, taking the commodity bloc currencies with them (Aud, Nzd, Cad), while the US$ seems set to stay under pressure. The exception to this currently seems to be US$Jpy, with the Jpy again appearing to be the funding currency of choice, which seems likely to underpin the pair, at least early in the week. AudJpy also looks to be an ongoing beneficiary of this outlook. The commodities themselves seem to be a little mixed on Monday although they will continue to strengthen if the dollar stays under pressure and WTI in particular still seems to have further gains ahead of it in the days ahead, possibly targeting 65.00.
*Trade of the day: 1/6/2018 9:43 AM (AET)……
*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.
Buy EurUsd @ 1.2000. SL @ 1.2055, TP @ 1.2090
Buy GbpUsd @ 1.3500. SL @ 1.3475, TP @ 1.3600
Sell US$Chf @ 0.9790. SL @ 0.9815, TP @ 0.9685
Buy Gold @ 1305. SL @ 1295, TP @ 1330
Buy Silver @ 17.00 SL @ 16.85, TP @ 17.45
Buy WTI @ 60.80 SL @ 60.20, TP @ 62.55