I want to thank all of our subscribers for the kind words we have recieved after making over 1,600 pips in the month of August.
We are again seeing the Dollar gain strength this week and we expect that to continue as the year grinds on. We are continuing to buy dollars when they go on sale. Stocks have begun to show signs of wavering again and I suspect we will see a move back to and through 1,000 on the S&P before too long. We expect stocks to chop lower for the remainder of the year.
EUR/USD:
We are still looking to short this pair above 1.43. We do not want to chase these markets lower but rather fade into rallies as we have all summer. Continue looking at rallies as selling opportunities. We are expecting this pair to grind back into at least the mid 1.30’s before the holiday season.
GBP/USD:
This pair is also a sell on strength. I have been saying for over a year now the UK must adopt the Euro or they risk sinking into the North Sea. Hear me now and believe me later on that one.
USD/CHF:
This pair is a very attractive long below 1.07 I am happy to hold this for some time from this level.
USD/JPY:
Near term direction in this pair will be dictated by the S&P500. If we see a melt down you could see this pair spike higher even though the normal relationship has been to follow the S&P 500. With stocks at a tipping point all Yen pairs and crosses are more dangerous than normal so be warned!
AUD/USD:
This pair did resist out below .85 as we talked about last week. We are now look into sell rallies here as well.
USD/CAD:
This pair is also an attractive long below 1.09. Still looking for a move back into at least the teens.
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