There really is not an awful lot to trade from today following the US holiday, in what has been a mostly choppy, sideways session and with little data to come on Tuesday, aside from the German/EU ZEW Economic Sentiment Survey, it could be a similar story today, so a fairly nimble stance seems to be in order. I like the idea of mild dollar strength and buying dips is preferred although I don’t think we are going to see a whole lot of movement either way.
The US stock indices look a little heavy and may see some downside momentum although the dailies do still point higher, so a cautious tone is warranted. The commodities are pretty much neutral although WTI seems to be picking up steam for another squeeze higher.
In the crosses, Eur/Jpy and Aud/Nzd still both look rather heavy from the medium-term perspective although they look fairly neutral for the day ahead.
*Trade of the day: 2/20/2018 6:33 AM (AET)
*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.
No trades today.