Good Morning,

Will it be Turnaround Tuesday?

Not so sure there is a lot of FED speak today so we need to be prepared for a USD rally...maybe.

Gold selling off aggressively and on the daily chart we are in a flag pattern pointing towards $1200.00. Bear this in mind.

EUR/USD toying with 1.3800. If we breakdown thru 1.3700 this I reckon will really drive USD strength. But I refer to short the EUR/USD back up around 1.3950 / 1.4000.

The USD/SEK is breaking out above 6.5700. I tweeted entries on this pair overnight. If you took this trade like me you should be sitting pretty like I am right now.

I have just entered the following trade: -

SEK/JPY
Short
Entry 15.46
Stop Loss 16.12
Limit 14.75

I have also amended a lint order with one of my brokers on the following trade: -

EUR/SEK
Long
Limit order entry 9.0740
Stop Loss 9.0413
Limit 9.5534

Sweden is in a deflationary state. Hence these trades and my interest in the SEK.

Overnight, I also entered (and tweeted) NZD/USD short, I have already taken good profits (tweeted)  and it has now gone negative....I still think that the USD /commodity currencies are starting to gain momentum. I looked at the commodity crosses but the charts look too messy for my trading style. I will look again soon and report.

I missed the GBP and EUR news a slept through them, sorry.

Be careful today, with the news and there is big CNY news tonight....looking forward.

Have fun,

Scott