Thursday, September 12, 2013

FX market updated 13th/SEP/2013

I said in my yesterday's post play the Ping Pong games on USDJPY, and that's exactly what happened, you sold at 100, you bought at 99. I don't think this pair will move significantly until Fed meet next week. So my advice, buy sub 100, sell above 100.

Not doing much in the past few trading days, resistance coming at 13325 support coming at 13275, I don't think EURUSD will do much before Fed meeting. Buy the dips at 13275, and sell the rally at 13300, that's my advice.

Who would thought UK's economy finally getting to the escape velocity. Before Mark Carney came in, everyone expected him to show some magic to saved the economy, now, looks like he might tighten the monetary policy sooner than everyone expected. The cable now trading at 7 months high, I am not sure this is the top or not, I said yesterday I will stay on the sideline for now, and that's what I am gonna do.


The horrible jobs number in Australian stopped the rallied, the pair found support at 0.9232, looks like we will test that level again at some point today, break that level will see more downside move. My feeling is the more you test the level, more likely it will break

Gold getting weaker and weaker, yesterday the price broke 1334 support. No war on Syria, weak India Rupee, Fed tapering. Gold just cannot catch a break, I think it will test 1300 support. However, at this point, Gold is pretty much priced in Fed tapering, I don't think the gold will dropped further if Fed reduce QE, I will set up a long position at 1300, stop 1280 and target 1350

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