Just like the USDJPY chart last week, where I thought this is a big correction coming up, it turned out to be a lttle correction. Or maybe its a Fake Out, Shake Out and soon to be Break Out... Who knows, we have to take each trade 1 day at a time. However, the USD DXY chart looks like most pairs are giving up on the strong $, so if NFP comes in with bad numbers...
If this gets lower than February's S1 Pivot Support, USDJPY could test the breakout trend line. MACD is currently bearish and the waves look corrective. Until the recent lows from feb are taken out I'll keep an open mind as the BOJ will no doubt do something to screw us all over.
If we get a lower low than yesterdays low, this is the trigger for me to go lower. Happily put the stop above recent highs as Support is further away than the R:R 1:2
I so want to be short the Yen, which means Long USDJPY though I have a feeling that this will eventually fall out of the wedge rather than rise. Then when it finds support I will be buying bigger.
Is the UK economy really going to want to have a high GBP/USD. Its great for holiday makers but rubbish for exports. I personally hate EWT but I am using it to illustrate a possible ending to a corrective 4th wave (abcde) , with a target to 1.0 ... Sometimes you see what you want to see and i really want to short this at resistance.
Still looking to buy pull backs and trade this to 1.7000
Very Bullish the USDJPY, as the BoJ is very Bearish its own currency. Everyone seems quite happy to trade this channel , so coupling with the Ichimoku Daily chart analysis , I see no reason to stop buying pull backs.
The Australians don't need a higher high in the AUDUSD. After testing resistance we now have to test the support levels of 0.8850 & 0.8155 From the RBA: At recent meetings, the Board had judged that it was appropriate to leave the cash rate unchanged while continuing to gauge the effects, including in the housing market, of the substantial degree of monetary...
We're at the top of the range. So until someone with Deep pockets marks this up I can only imagine that Long Term traders will be looking to short this back to Value. Which for us is the 1.3200 area. There has been a conservative effort to find the top of the range and now Volume has dropped right off it can only mean that Sellers will look to add to their shorts...
JPN's Monetary experiment dwarves the US by a long way. Whatever happens in the US this week/month/year , JPN will have to add more to the mix. Also, the US has shown that it is nearly impossible to unwind the easing as people need to get paid and also get used to easy money rather than taking hard decisions. The US has more individuals with $Billion accounts...
conservative bear = 1200 for Christmas , Angry Bear = 1064 at Christmas. Taper announced and Happy Bull or Angry Bear ? December 17-18* Now, if Taper is announced in December, does that mean we have no need to hold as much Gold, as $ will become even more safe haven? Or if no taper is announced does that mean the economy is wrong beyond repair and we have to buy...
After retracing a multi year wave up, we have now seemingly found a bottom around 1250. The Bullish progress back up to 1400 has been impulsive, so all corrections should be bought into. A close below 1350 now, will be our stop out point.
www.mql5.com the entry So regarding the news events , it pays to wait for more selling pressure to emerge or dissipate.
Employment figures and other major news events still need to be collected, it is too soon for the FOMC to start announcing that they will taper in September. December is more likely. If this is the outcome of the minutes today, we see Gold v's USD going higher. A third push up would be a great place to take stock of events and some profits.
Correcting the drop from 2008. Targeting 1.5, 1.6 and 1.7 as profit objectives
This could end up being the most boring pair for a few years to come yet. Floating around 1.3000 until we eventually fall out or zoom away from the apex. So what is the strategy ? Stay nimble, don't marry your trade, wait for exhaustion and go the opposite way, rinse and repeat.
Looking to see if the Fib turning points and wedge pattern are going to play out over the next few years. Which would mean that trading is going to mean tricky , volatile trading for some time to come. Need to look for the signals that the market is bottoming and topping, trading around 1.3000
if we can get through the next day and hold above the penant, we should be targeting 1.3600 before another major reversal. However, first resistance is 1.34200 as that is a daily fib extension, so we'll need a bit of momentum to get past it with any ease. Bernanke speaks tomorrow, if the $ is crushed some more EUR will rise.