FX market updated 17th/SEP/2013

On Monday FX and stock indices spiked on Summers withdraw news. I called this overreacted on nothing, there were no evidences suggest that Summers is more hawkish than Yellen, and there was no evidence Obama was about to pick Yellen, I really don't understand why market reacted in such way, and remember, history repeat itself over and over again, euphoria usually end badly for the bull!!!!!!

Here is detail analysis


GBPUSD

In the weekend post I argued cable is already topped out and price should decline, well, Monday spiked prove me wrong, if you follow me on twitter or stocktwit, you should know that I short the cable at 1595 and close at 15920. I still remain bearish on GBPUSD, just look at the RSI on daily chart, it indicated overbought and price should correct. However I do recognize reality, there is a probability that price will test 16000 level, my advice is watch out 15950 resistance level, yesterday we failed to advance above that level, today we might test that level again, clear that level we will see 16000, failure to do so should see more downside move

USDJPY

Not much I can said really, range bounce for nearly two weeks, just buy at 99 and sell around 99.5, easy money!!!!!!!

EURUSD

We are set up to test 13400 level, this is the third time we try to break above that level. From my experience, the more it test, the more likely to break, long the EURUSD at 13325, stop 13300, and target 13400

AUDUSD

 

I said in my weekend post, you cant be too bearish on Aussie, more upside move is more likely and I advice you should long, and that's exactly what happen, not the pair found resistance at 100 days SMA, yesterday I went short at 0.936, and close short at 0.932, made some quick profit. Price is already at upper bollinger band, we should see some correction, but I wont trade this pair until Fed

Tomorrow, I will give you FOMC preview, what you should expect from the Fed, how you should trade it. Thanks for your support, and please follow me on Twitter at https://twitter.com/MarketWizard323

or on StockTwits at http://stocktwits.com/MarketWizard323