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Trade Against The 90% That Lose Money 10th Jan
What's new today?
After some strong selling EURUSD has slipped back into the neutral zone. EURGBP has made a move into the short zone. Leading the pack USDJPY has been in the strong short zone for months now.
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Provided by Pivotfarm via the Technical Analysis Blog
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Looks like some weak shorts getting tested in light FX trade today Orly. I am liking the GBPCHF more and more for a short off its break and retest of the base of it's weekly falling wedge pattern circa 1.5100. Targeting 1.4380 region over the coming days/ weeks. Also watch AudCad short off monthly falling trend line failure circa 1.00, there's a bit of wood to chop in the 0.96-0.97 areas but below there is a home run to 0.90 IMHO.
Hmmmm. I have the GBPCHF moving higher to ~1.536 before turning lower. A retrace lower to 1.438 has it putting in an all-time double-bottom. I try to stay away from shorts in such a compressed pair because of the limited downside potential but I would probably jump on that trade with a sustained break below 1.438 because there is no floor in sight.
The AUDCAD trade looks much better. I am still suspicious of the USDJPY and what affect the inverse movement is going to have on the action in the Ozzie dollar. I will watch the AUDCAD for a good entry.
Thanks, Addict!
Nice to see the correlation with the USDCHF as it sells off (going from strong short to short). Strange that the USDJPY hasn't done the same during what looks like a very similar move over the past week or so.
+1 on the name Dixie
Feels like the calm before a storm to me
#861812
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It's Bizarro world when the Asian and European markets tank, Portugese are having a hard time making payments, while the USD drops and the yen and Euro rise.
In the immortal words of Slim Pickens, "Just what in the wide, wide world o'sports is'a goin' on aroun' here?"
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