Saturday, December 12, 2009

Weekend Review

The Euro has not bounced from the 1.46 level with the ferocity I had hoped for. It is possible that there will be another wave down possibly to as low as the 1.4450 zone, before a more sizable retracement. The currency was looking very weak over the last session compared to the other majors. I have moved my stop losses on my EUR/USD  and GBP/USD trades to just beneath the recent lows in the event that dollar strength continues. See the table to the left for my current trade ideas. The AUD/USD head and shoulders pattern is still playing out. The Aussie held up well against the USD until late in the session, but hopefully is will strengthen soon and we will get a better shorting opportunity. The USD/JPY seems to have reached the end of its B wave, with a sharp turn around in price action. Expect further downside from here.
Posted by Jared at 3:20 AM

2 comments:

  1. AnonymousDecember 13, 2009 at 2:57 AM

    Is it a good time to buy EUR? I saw saw chart and your target was between 1.46-1.465.
    What doyou think of the AUD? Whats your target?
    Thanks.

    ReplyDelete
  2. JaredDecember 14, 2009 at 10:11 AM

    I currently hold a long position in the EUR/USD pair. You can see from the December Positions Table to the left all the positions I hold at any time. If wave 1 down is complete on the EUR/USD then 1.488 is my target, however there may be another wave down to go, but I will update the table if I change my bias. I think the AUD is going to be a good short very soon. I will post a chart on it soon. If the H&S on the Aussie completes, the target will be 0.8520.

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