Weekly FOREX outlook
Written by admin on July 27, 2009 – 7:05 am -The Dollar seems unable to make a move in either direction these last few weeks. The ranges have given us many great trading opportunities but lacking of actual direction. We continue to want to own Dollars at these levels but caution is still the word for the week as we could still see a few head fakes to the downside in Dollars before turning. We are still up over 800 pips for the month and are looking to finish out this month strong. Most of the comments below are the same from last week but since we have had almost no movement last week these same levels still apply.
EUR/USD:
We remain short this pair and are still targeting a move back into the mid 1.30’s by end of summer. Selling rallies above 1.42 should be good entry points.
GBP/USD:
This pair remains volatile and lots of fun to trade. We are looking to sell rallies near 1.65 this week and expecting the lower 1.60’s to be tested by end of week.
USD/CHF:
This pair saw a nice breakdown and we are now long from just below 1.07 and loosing for a move back towards the 1.10 level.
USD/JPY:
We are still looking for this pair to track stocks lower in the weeks ahead so our bias remains to sell rallies above 95 and focus on managing risk on every trade every day without fail.
AUD/USD:
We are still selling rallies here as well and I know this sounds nuts and I may be wrong but the odds of a further advance are very low in the near term so I am happy to remain short.
USD/CAD:
Canadian continues the charge back towards parity I have mentioned in prior issues. I am now looking to buy dips near the 1.08 level this week. This is really a dead cat bounce trade but risk reward is good.
Tags: FX Trading
Posted in Forex Market Updates |
July 28th, 2009 at 10:27 am
I am betting that the USD will move end of this week.