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GreenForexTrading.com
ForeX forX-tra Gr€€n
Hi everyone,
In this e-mail I am going to give you my view on the markets for Monday the 11th to Tuesday the 12th of April 2011
THE UDSX BROKE 75.5 AND NOW AT 75, A SERIOUS DOWNTREND IS ACCELERATING.
From yesterday’s newsletter “…Heavy Banker Speak throughout the day so expect chop...be forewarned...” and it played out as chop with some strength in the USDX but still does not change the US Dollar's technical chart picture that continues to be horrendous and although a small bounce is expected at 75, a collapse to as low as 72 could be fast as the USDX has now broken a zone of weekly support at 75.5-76.5. A decisive breakdown from a symmetrical pennant below 75.5 with the USDX now at 74.9 and continuation entries into U.S. Dollar denominated longs is recommended for longer term positions. Therefore, this week, I will be looking for continuation entries into U.S. Dollar denominated longs on any USDX strength this week for both scalp and longer term positions. Witness a weekly PPO SELL signal with a new daily SELL. Enter to go long U.S. Dollar denominated pairs into some retracement zones, as seen in the USD daily and weekly chart here http://www.stockcharts.com/charts/gallery.html?$USD.
The EUR is the inverse of the USDX and with the backdrop of a PPO that now has triggered a daily BUY signal against a weekly BUY signal extended from the 50-day moving average, and the bounce here looks to continue and now look for some bottom action on lesser time frames to enter and go long. Now look for resistance at 1.45 to be broken and then 1.50 that can be seen in short order, as can be expected on future dollar weakness as seen in the chart here, http://www.stockcharts.com/charts/gallery.html?$XEU. Place your trades accordingly. All charts courtesy of www.stockcharts.com.
We are in an expanding megaphone pattern on the GBP daily. It now looks like 170 will be on the cards first. The GBP has seen some serious choppy swings and a clear pattern has emerged with a megaphone upper trend-line resistance currently at 165 and rising. A new PPO daily BUY against the backdrop of a weekly BUY signal makes cable playable on pullbacks. Still make cable a cautious long play either way, as seen here, http://www.stockcharts.com/charts/gallery.html?$XBP.
The JPY is overbought as USD/JPY and a pullback is expected from these extreme levels although key levels will be defended at all costs with newly printed yen so a nimble sell as below in daily trade can be played and as seen on the chart given here http://www.stockcharts.com/charts/gallery.html?$XJY.
The AUD ended up catching the “safe-haven” BID and was shaken out of a trade only to see it again making new highs. No other recommendations on AUD yet but still watching for a pullback to enter as seen on the chart given here http://www.stockcharts.com/charts/gallery.html?$XAD.
This week’s activities and reports of consequence are:
1. Tues. Apr. 12, 2011 - (4:30am EST) UK CPI; (5:00am EST) EUR German ZEW Economic Sentiment and (8:30 -9:00am EST) CAD Trade Balance and Overnight Rate and BOC Rate Statement.
3. Wed. Apr. 13, 2011 - (4:30am EST) GBP UK Claimant Count Change and (8:30am EST) US Retail Sales.
4. Thurs. Apr. 14, 2011 - (8:30am EST) US PPI and; (8:00pm EST) CNY Chinese CPI and GDP. G7 meetings throughout the day.
5. Fri. Apr. 15, 2011 - (8:30am EST) US CPI and (10:00am EST) Preliminary UoM Consumer Sentiment and Inflation Expectations. G20 meetings throughout the day.
The swing trade for today to tomorrow’s Asian-London-U.S. sessions is to BUY the GBP/USD @ 1.6300 with a STOP @ 1.6275 and a TARGET of 1.6364 for 60 PIPS.
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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