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GreenForexTrading.com
ForeX-tra Gr€€n
Hello Everyone,
In this email I am going to give you my view on the market for the Asian/London sessions in the market for today, spanning Sunday the 7th to Monday the 8th of November 2010 and the week.
For the USDX another reversal on Friday makes us wary and for now will sit with a neutral bias, with the daily close-up shows once again how important the 200-day moving average (DMA) is in flagging the next major direction for the dollar as seen in the USD daily and weekly chart here http://www.stockcharts.com/charts/gallery.html?$USD. The EUR pairs were expected to be overall weaker than the corresponding correlated GBP pairs however there still appears to be rotation of relative strength between the two currencies from day to day. Longer term a real collapse is expected to start now with a continuation into a 2-year cycle low by the end of the month. At the moment as stocks are being bid up as bonds and the Dollar are sold off again and I expect this to continue longer term.
A choppy decline of the EUR/USD is over and a PPO buy signal triggered. The EUR is expected to move higher, possibly to the 1.442, 1.495 and 1.600 areas. The EUR chart seen here, http://www.stockcharts.com/charts/gallery.html?$XEU shows these areas now on a sell signal. Place your trades accordingly. All charts courtesy of www.stockcharts.com.
An ABCD technical pattern is seen in the GBP that seems to temper Sterling's strength. The key round numbers past 161 had been bested and now is being tested again. The GBP is now in bullish alignment with the 50 and 200-day moving averages as seen here, http://www.stockcharts.com/charts/gallery.html?$XBP, and traders should take a GBP weakness to look for entries to go long.
For the JPY intervention is still in the cards and a daily rising trend-line, be wary of the wash and rinse instead of a fast move in either direction that would normally be expected before the turns but looks to be rolling over longer term. Traders should continue to use caution should the JPY pairs be traded for the time being as seen on the chart given here
http://www.stockcharts.com/charts/gallery.html?$XJY.
On the commodity currency front, the Aussie now at parity after an unexpected rate hike by the central bank is likely to continue to the upside even though it looks extended the fundamentals are supportive and should look on the long side on any pullbacks. The AUD is seen here,
http://www.stockcharts.com/charts/gallery.html?$XAD.
This week’s is data light for reports. The reports are:
1. Tues. Nov. 9, 2010 (4:30am EST) UK Manufacturing Production.
2. Wed. Nov. 10, 2010 (8:30am) US Trade Balance and Unemployment Claims and (7:30pm EST) AUD Employment Change.
3. Fri. Nov. 12, 2010 (2:00am EST) German Preliminary GDP and (9:55am EST) US Preliminary Consumer Sentiment.
The swing trade for today’s Asian-London-U.S. session is to SELL the EUR/USD @ 1.4000 with a STOP @ 1.4027 and a TARGET of 1.3863.
That's it for today. Remember that I trade in the Live Forex Trading Room between 1am-6am Eastern Time. I will be hosting my regular 3-4 hour session and assessing and exploiting PIP opportunities as they arise.
Enjoy trading and good luck everyone!
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