The markets have been stressed by the PIGIS (Portugal, Ireland, Greece, Italy, & Spain) for the last few weeks. Right now it is suffering from exahaustion of this story. But unfortunately just being tired of it won’t make it go away. This problem is far from sorted and we have still much more unknown than known. I am looking for the Dollar to stab higher still this week.
EUR/USD:
This pair is still very vulnerable and I still favor the short side of this pair early this week.
GBP/USD:
This pair has broken hard since my last post. I am still looking for this pair to test levels below 1.50. This pair has become the whipping boy for Greece’s troubles and that is not expected to change anytime soon.
USD/CHF:
The Swissy remains a relative sea of calm during these times. We are looking for rallies this week into the 1.08 level to begin selling into.
USD/JPY:
This pair is edging towards the upper side of its range and we are therefore looking to become sellers of major rallies later this week.
USD/CAD:
Parity is still acting like a magnet holding the market near it and even sucking the market towards it at times. Until parity is truly tested I prefer the sidelines. That being said I am looking for Major weakness to buy.
AUD/USD:
This pair is a sell above 91 this week. We are looking for some of the froth in commodities as a whole to begin to come out of the market over the coming weeks.
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