Majors on Thursday: Tax Reform has Arrived – Buy the Rumour Sell the Fact
The USD has faded despite seeing tax reform pass.
Hi Guys,
After months of speculation, the US tax reform has pushed its way through the political minefield in Washington. It’s now off to US President Trump to get signed off on. This marks a pretty big moment in US history in my opinion and I expect long-term we are going to see some real strength in stocks.
That said, there was little to cheer about during yesterdays forex trading session. Markets are getting increasingly quiet as we near the holidays. The EUR/USD, USD/JPY and USD/CAD all had some range but there wasn’t much in the way of opportunity.
Today we hear from the BOJ, however, it is rarely a big market mover.
Forex Majors
AUD/USD – I’m still looking to sell 0.7693 if we can jump higher. It’s quiet at the moment.
EUR/USD – The Euro has jumped and has broken through all of our key resistance levels. I think it will sell off but I think we now need to reassess.
USD/JPY – The Yen has been grinding higher ahead of the BOJ.
NZD/USD – The Kiwi has bounced off the MA, however, its direction is a little unclear at the moment.
USD/CAD – The USD/CAD has faded thanks to a jump in Oil. Still bullish here though.
USD/CHF – The Swissy is grinding lower although direction is neutral in reality.
GBP/USD – The Pound is still a fundamental trade to me at the moment.
US Dollar Index (DXY) – The USD has faded. Buy the rumour, sell the fact?
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