16:00GMT US Jobless claims, UK Retail sales & EU Trade balance - players are ready for those with today's climb. We are 100% into UP trend. Very happy to see GBPJPY above 130. Hope it will bring relief to many to see USDJPY above 85 level.
01:00GMT Good Morning Friends,Last week I told you about USDJPY making new lows and it did now. Meanwhile GBPUSD & EURUSD drive UP to hold JPY crosses neck above water... It worked like a clock work.This approves the forecast for UP trend wave month.[*****] Today all our pairs are showing consolidation before another round of UP trend. EURUSD is "fast & furious" in its launch.. Its reversal will be very interesting. Tuesdays and Thursdays are the most volume trading trend levels; on Wednesday its consolidation. Next EURUSD hard roof stands at 1.3150, GBPUSD roof is at 1.5786.
News Summary:
The U.S. dollar fell broadly on Tuesday, breaking through milestone lows against the yen, euro and Swiss franc on a combination of political and technical factors while global stocks ended flat, taking little solace in upbeat U.S. retail sales data.In currency markets, the greenback stumbled to a 15-year low after Japanese Prime Minister Naoto Kan won an unexpectedly decisive victory in a ruling party vote. Markets were braced for a shift towards yen intervention if Kan lost the contest to a rival who argued more forcefully for a weaker currency. The yen traded at one point below 83 per U.S. dollar and the euro hit a one-month high against the greenback, breaking above $1.30. The dollar sliced through parity against the Swiss franc, dropping to its lowest level since late November."It seems people are vacating dollar positions today and that money is shifting into other safe-haven assets for the time being -- the yen, the Swiss franc, gold and U.S. Treasuries," said Greg Salvaggio, vice president of trading at Tempus Consulting in Washington.The U.S. dollar fell 0.73 percent against the yen, weakening to 83.07.Prime Minister Kan's victory over party heavyweight Ichiro Ozawa, who had made more strident calls to curb the yen's rise, raised speculation Japanese authorities would not intervene imminently.The Kan victory provided "positive yen news," said Joseph Trevisani, chief analyst at FX Solutions in Saddle River, New Jersey. But he added that "83 has no more meaning than the typical round number in dollar/yen. The level to look at is the all-time low," which comes in around 79.75 yen.The euro traded up 0.91 percent at $1.2995 while the Australian dollar hit a two-year high versus the greenback. It traded at $0.9448, up 1.0 percent from late Monday.Against the Swiss franc, the dollar fell to 0.9934 franc.
Wednesday, 15 September 2010
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Yesterday, not taking shorts in the yen crosses seemed like playing it too safe.
ReplyDeleteSo glad I followed the rules.
Grade A forecasting my friend. But I am sure your account tells you that.
Have you seen Heikin Ashi candles/charts. If not check it out.
ReplyDeletehttp://www.forexoma.com/what-is-heikin-ashi-and-how-to-trade-with-it/
amazing.
Hi J, what is your outlook for gu from here? I am avoiding shorts - might do at your ceiling I think you said 1.5740s. Thanks
ReplyDeleteMohi, Good thinking EURUSD all Timeframes RSIs hit above 68 yesterday to give us above 1.3000. While GBPUSD is yet to do it; My indicators says that Thursday we will hit another roof - there may be small drop before it but 1.57ish will be the target 1 and then 1.60 target 2.
ReplyDeleteRich, Heikin is very reliable on like elliot waves but you need to focus on screen all time and any offline during your order-taking will create issues. Plus they work better on bigger timeframes than 1 min or 15/30 mins.