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We hope our readers in United States enjoyed Memorial Day weekend, and an extra day off. Not much has happened in Forex world that day. But the rest of the week is another story altogether. USD showed signs of strength and rallied for most the week, except for Friday. Is this for real? We don't know yet. Confirmation of any longer term dollar strength will only come when, and if, EUR-USD breaks under last low of about 1.5300 and continues lower. In this case we should expect to see 1.4900 within 1-2 weeks AFTER that. That's our position at least.
Speaking of EUR... Did you know that European Central Bank came into being on June 1st 1988? That's right, ECB is 10 years old. The Bank's main mandate is to fight inflation, which task, by most accounts, has been fulfilled rather well. The Euro itself was launched on Jan. 1, 1999 on financial markets. Next week we will take a look at long term chart of Euro, since the inception.
Our systems closed May with different results. "Daily Pound" had a flat month, gaining 9 pips. "Daily Euro", on the other hand, had a great month and despite weak last few days, managed to make 490 pips in May! We updated our complete results pages, including performance graphs, so please see them for all the details.
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Here are the results for last week:
- Daily Pound made 9 pips ;
- Daily Euro lost 32 pips;
Follow the link on the right to view details.
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Last week's results.
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Here is the trade we discussed last week, NZD-USD. Our intention was to sell at 0.7810, with a target of 0.7700. We are in the trade currently with a small loss. We stay with it for now.
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Trade of the week.
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For the next week we are taking a look at GBP-CHF. Most of the week this cross has been moving sharply. We think it is going to go on and consider a long entry here. We placed a buy order at 2.0800 with a target of 2.1000. We are using intermediate term charts, so the trade might take as long as a week to complete once initiated.
We wish everybody great trading week!
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Once again we must stress that the trades highlighted here are only a small sample of our trades. If you have any comments or would like to obtain more information please contact us at info@spectrumforex.com .
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Risk disclaimer:
Substantial risk is involved. Forex trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex markets. Don't trade with money you can't afford to lose. Nothing in our website shall be deemed a solicitation or an offer to Buy/Sell futures and/or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on our site. Also, the past performance of any trading methodology is not necessarily indicative of futures results. Trading involves high risks and you can lose a lot of money.
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