Saturday, September 14, 2013

FX market weekend update 14th/SEP/2013


Throughout this week I argued we should see EURUSD if you read my post, and its exactly what happened. The pair now trading at 13294. I still think there are some momentum to the upside. I prefer to long at this point, target 13350 and stop 1325. The story of next week will be Fed, I don't think we will see any volatility until Wed.

In the last few trading sessions I repeatedly said don't try to short the cable just yet, cause momentum to the upside seems very strong. I was right about it, and now, its time to short the GBPUSD!!!. If you follow me on Twitter or StockTwits, you knew I went short on Friday at 15855, target 15780 and stop 15900. I think the market already priced in lots of good news and market seems priced in first rate hiked by 2014. So I don't think there aren't many upside left, I might be wrong on this one, but the question you should ask yourself is , do you really want to long at this point?


Nothing really changed on Yen lately, resistance at 100 level and support at 99 level, just play the game, long at 99 area and sell at 100 area. Yen will continue range bounce until Fed

Since September sentiment shifted to bullish on Aussie, last two days we saw some correction as Australian Jobs number came at worse than expected and metal price declined. I am still bullish on the Aussie right now, Chinese economy seems stabilized and Australian Liberal Party are very pro business, that should support the Aussie going forward. However, I set up a long at 0.9200, target 0.925 and stop 0.918

Sentiment on gold was so bearish lately, major banks downgrade their target one after another, Fed tapering put even more pressure on gold. Having said that, I suspect the Gold is pretty much priced in Fed tapering, I am not entirely sure but sentiment was so bearish and I really doubt there is any downside left. I set up a long entry at 1300, target 1350 and stop 1275

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I am just a trader try to share information and that's it, so I would love your support and thanks for reading my post. 

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