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SPX - Positive Momentum Returns Dip buyers returned to the pit yesterday and we have closed above previous day highs in the 2820s. We need to hold here and find buyers if we want to pressure recent highs at 2850. NFP will throw some volatility into the mix so just wait till the dust settles before taking a stance.

Long

DXY - Short Term Range Broken, upside test possible The USD broke the short-term range yesterday and has formed a short-term support ledge on it's way up. This would suggest the possibility of further upside. However, with Non-Farm Payrolls out today, it would seem safer to wait until the data has passed before taking any bets on the USD.

Long

GBPUSD - Precarious position ahead of BOE BOE rates decision out soon. Focus on vote split (7-2 expected), inflation projections, r*. React, don't gamble ahead of data.

DXY - Testing short-term range top post-FOMC The FOMC remained on hold at its policy meeting today, but it made it very clear that further monetary tightening likely will occur in coming months. This is keeping USD buoyant within the broader range. Trading this here & now is difficult for trend-based strategies. But a keen awareness of key levels can be useful.

CADJPY - Low Volatility Breakout Rising Canadian Yields after good GDP data yesterday, along withthe BOJ's inaction, are facilitating a move higher in CadJPy. Also, rising US rates means that the Bank of Canada will have to follow (sooner rather than later). Finally, stocks are near highs meaning we are in a broader risk-on environment. All these factors complement the low-volatility breakout on CADJPY, and our main target for this trade is 91.00.

Long

Nasdaq - Sellers waiting in the 7280/7300 zone Today's main driver (Apple earnings) comes in a little later (16.30 ET). In the meantime, Nasdaq is staging a recovery from 7200 but the downtick still isn't compromised. Either wait for AAPL or play cautious shorts off the key resistance zone if/when we get there.

Short

DAX - Big day ahead with key bank earnings due Dax is challenging the recent range top today, as we head into some key earnings figures. Keep an eye on the charts and an ear on the squawk, in order to remain abreast of drivers and play this properly.

Nasdaq - Apple Earnings Key to Direction Nasdaq has reached our first target and today, continuation will depend on Apple earnings.

Short

Nasdaq - Pressure to the Short ide with T1 in focus Nasdaq picking up where it left off. Our T1 is close to being hit. We are in favour of re-loading shorts on short-term retracements into this move.

Short

DXY - Stuck in a Range Going into a Busy Week Many analysts are expecting some kind of breakout this week on the DXY. Between Central Bank meetings and NFP, there is enough to push the buck through current range barriers. Until that happens, though, play the range and/or simply ignore FX.

Nasdaq - Short Bias in Play We are looking for continuation lower after last week's FAANG sell-off. 7300/30 must hold as resistance, and we look for shorts towards 7200 and 7000.

Short

DAX - Still within range boundaries Trump/Junker meeting is on people's minds and participants are waiting to see whether there's sufficient interest to pop the Dax through current range boundaries. Our stance is neutral, with the ECB due later on. But today we may get some action here.

USDCAD - Short Bias in Play A combination of weaker USD after Trump/Junker meeting, plus Saudi Arabia blocking oil shipments, has pushed USDCAD through key support at 1.3050s. Currently it should hold on any test and offer at least some intraday benefit towards lower targets at 1.3000 - 1.2940/50

Short

BTPs - Downside Risks Return Market participants are watching this move in BTPs today, as Northern League leader Salvini is asking for the resignation of Italy's Finance Minister Tria.

Short

USDJPY - Negative Bias on Trump Comments Trump is broadening his reach and has criticized the FED monetary policy. This sent the USD lower yesterday, and caused a broader risk-off move in equities. We think the odds are in favour of at least a marginal continuation of this move in USDJPY through recent lows.

Short

GBPUSD - Biased short on CPI Miss A combination of worse data and underlying negative sentiment regarding Brexit negotiations is keeping the lid on the Pound. We do expect further losses in the coming days.

Short

NZDJPY - Biased Long on NZD Short Squeeze New Zealand Q2 inflation was one-tenth below expectations, the market sold off briefly but then a short squeeze followed. RBNZ's Q2 sectorial factor model inflation index up to 1.7% Y/Y likely the cause. If risk appetite remains solid, NZDJPY is a good candidate for playing further Kiwi strength. Our main target is 78.00 for this momentum move.

Long

EURGBP - Breakout Potential Increasing EURGBP has been in a tight range for some time, with stops growing on both sides of the range. Given today's behaviour thus far, a break lower is possible. Any positive news on the Brexit front could push this through the stops and accelerate towards 8720s.

GBPJPY - Positive Stance Intact Despite Brexit talks again today, a positive stance on GBP remains in favour due to positive data expectations this week, as well as sheer outperformance into last week's close. Perhaps modulate position sizes due to the potential whipsaws, but there is no reason to abandon ship yet.

Long

USDTRY - Volatility to remain high as confidence eroded Erdogan is bad news for the TRY. There is a total loss of confidence in government and the spectre of hyperinflation is looming. If you can't stand the volatility of the pair, stand down. There is no real resolution in sight.

Long

GBPUSD - Short-Term drop possible on Trump GBP was hit in early trade on Trump comments: he said Boris Johnson would make a good Prime Minister and that unless the UK executed a 'hard' Brexit the US and UK would not reach a trade agreement. Also, we have pushed below 1.3200 and current week's low print. There may be space for a trip to 1.3100.

Short

Nasdaq - Further Gains Possible Friday's NFP report highlighted lower wages and higher unemployment. This has given birth to a recovery in equities and we like playing the Nasdaq on this driver. Yesterday's correction was unable to hold prices under the week's opening print. We are now above yesterday's high and further gains look possible.

Long

Crude Oil - Poised for Short-Term Losses Big move down in Crude, on reports Libya is reopening some ports, trade war fears, and possibility of the US allowing some country exemptions to Iran’s oil sanction driving price drop. Look for 71.00 to hold as resistance for a push towards 70.00 intially.

Short

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