Good morning

9.30am - Revised GDP for GBP Expect -0.8%

Better than expected Prelim GDP for States yesterday. Indices remain supported (for now) so USD still remains under pressure.

USD X

• Struggled to remain in its new range above the WP and is now back down close to Mondays lows around the 78.00 level.
• USD X not helping us too much to be honest and after yesterdays dramatic fall we should be wary of buying USD for the immediate term.

CABLE

• Large retracement off yesterdays lows at 1.6150
• Boxed between the 60min 20ma and 4hr 20ma
• Looking for break of either the high at 1.6303, or the DP (61.8 Fib) at 1.6245.

EURUSD

• As mentioned on the videos over the last week there is no need to short this fella.
• EUR is bid and any sign of a weak USD and EURUSD rallies.
• Would like to see a pullback to 1.4300 for a potential long play.

GBPJPY

• Would like to see USDJPY remain below its DP but if CABLE breaks its DP watch GBPJPY break lower as well.
• Will look to short through the DP (61.8 Fib) to test yesterdays lows.

Have fun

Dan

August 28th 2009 Posted to forex | Comments (0) |  Email This Post

Good morning

Presume you all watched my afternoon video talking about CABLE, GBPJPY and the USDX.

I am short GBPJPY (50%) at 153.45 with stop above DP and 60min 20ma. Yes it was oversold at entry and that’s why I only took a 50% trade so downside risk is less than 30 pips.

So what does this morning bring us?

USDX trying to find support but again remains under the WP so the confidence for me to buy USD is limited. I would like to see a break of 78.39 and support off this level for confirmation. Potentially USDX could double top here and that would give strength back into our EURUSD and GBPUSD.

August is lacking volume at the moment and we need to be very aware of that.

USDJPY

• 4hr trend is down.
• Resting on DP but too much resistance ahead.
• Wait for break of DP on the downside for a move to yesterdays low.
• This will help GBPJPY position

GBPJPY

• I am short 50% at 153.45 due to 4hr chart being oversold.
• Technically it remains a short below DP.
• Will close position on break of DP and look for a cheeky long play (50%) on the retracement.
• I still like GBPJPY lower overall but not sure if it is quite ready as 4hr chart suggests a small pullback.
• Would like to see it break back below the 15min 20ma to retest yesterdays low and beyond but need USDJPY to break its DP to help out.

EURGBP

• Has been the leader of the pack with its strength.
• Can’t buy at this level and needs a pullback which would suggest a little GBP strength.
• Won’t short it as it’s been the strongest currency over last few days.

EURUSD

• A lot will depend on USD overall and USDX double top.
• If we see a small break back above the 60min MA’s with a 123 we could look for another long off 1.4306.

August 26th 2009 Posted to Uncategorized | Comments (0) |  Email This Post