Weekly Forex Outlook
Written by Derek Frey on January 11, 2010 – 3:04 pm -NFP Provided the fireworks in case you slept through the New Year! We saw Dollar weakness on the backside of the report and the markets have followed through into this week. That being said we are not expecting this too continue in fact we are using this weakness to accumulate long Dollar trades. We are expecting a large amount of volatility this week as traders try and either confirm or deny NFP with each new data point.
EUR/USD:
We are sellers north of the 1.45 handle and are looking for the 1.43 level or bellow to be tested.
GBP/USD:
The Cable is a sell near the 1.62 handle and we are looking for a move back below at least 1.60.
USD/CHF:
This pair took a nose dive but we are happy to accumulate longs near the 1.150 levels or below. If parity is tested again we will be buying with both hands.
USD/JPY:
This pair continues to see wild volatility and as I mentioned last week there is no reason to expect that to change any time soon. Near term we are likely to stand aside but are slightly biased to selling rallies.
USD/CAD:
The Loonie has been drifting lower lately but we are now looking to begin buying dips below the 1.03 handle. Here too should parity be tested we would be buying with both hands.
AUD/USD:
This pair is now also a sell north of .9300. Look for rallies to sell into on this pair as well as the Kiwi.
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Tags: derek frey, forex analysis, forex inner circle, Inner Circle, nfp
Posted in Forex Market Updates |