Morning Report 5th January 2017

Wall Street Reacts To The FOMC Minutes:         "It's All About Trump"

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USD/JPY
USD/JPY opened the day at 117.66, then rallied to breach the 118 level briefly before  falling to 117.19. Given the strength of the uptrend that has relied on the BOJ playing to lose the yield spread game caution should be exercised on the strength of short term sell-offs.
EUR/USD 

EUR/USD rebounded from it's 14 year lows on Tuesday to finish Wednesdays Trading session 80 pips higher at 1.0484. Strong data from Germany suggests the Euro could rally in the short term, however the EURUSD remains capped by a strong Dollar and the ECB's reluctance to change their monetary policy stance. Traders with Long positions look to take profit at 1.0525 before changing to Short positions as uncertainty around the Eurozone increases into Q1 of 2017.

NIKKEI 225
The Nikkei kicked off 2017 with a bang jumping more than 2% in yesterday's trading session. The race to 20,000 is on between the Nikkei and the Dow Jones. As the Yen weakens this fuels overseas appetite for Japanese stocks. Traders look to Long positions with profit targets set at 19,700 and 19,900 in extension.

ECONOMIC ANNOUNCEMENTS
23:30 (AEST) - ECB Monetary Policy Meeting Accounts
00:15 (AEST) - US ADP Employment Change
00:30 (AEST) - US Initial Jobless Claims
02:30 (AEST) - US ISM Non-Manufacturing PMI
 

Chart of the Day

 
NIKKEI 225 (NK 9/03/2017 on WebProfit)
 
Pivot: 19450

Our preference: long positions above 19450 with targets at 19700 & 19800 in extension.
 

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Trading FX and CFDs involves a substantial degree of risk and should only be undertaken with risk capital. Please refer to our website www.forexct.com.au for a copy of our PDS & FSG. Forex Capital Trading Pty Ltd provides general advice that does not take into account your objectives, financial situation or needs. Investors do not own or have rights to underlying assets

The trade set ups above reflect Trading Central's judgement as at the time the information was prepared under the Terms and Conditions set by Trading Central. ForexCT and its related entities do not warrant the accuracy or completeness of the information contained in this newsletter and shall not be responsible or liable for any loss or profit whatsoever which may arise directly or indirectly from any use or reliance upon any trade setup, statement, opinion or omission. 

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Posted: 1/5/2017 12:56:36 AM