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The big story last week has certainly been the FED meeting, or more precisely, their interest rate decision. There had been many speculations preceding the announcement, but judging by market reaction, perhaps the outcome was a surprise. For couple of weeks before FED sounded rather tough on oil, there was some talk about danger of inflation and even the weakness of the dollar. In this light, general consensus was that we wouldn't see any farther rate cuts. Quite the opposite, maybe even a rate hike.
In the end, rates remained unchanged at 2.00%. One could argue, that was the expected outcome, but the market reaction suggests otherwise. There was a very strong move against the dollar, EUR-USD lost 100 pips in less than an hour. Evidently market participants had expected FED to bump the rates up, and when that hadn't happened, everybody got bearish USD. This continued for the rest of the week.
With June coming to an end, we have mention the performance of our systems. After a slow start to the year, both of our service have enjoyed very good results over last few months and June was no exception. See the results below and follow the link to see details. We updated our performance pages, including graphs. We can only hope the rest of the year to equally successful.
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Here are the results for last week:
- Daily Pound made 91 pips ;
- Daily Euro gained 113 pips;
Follow the link on the right to view details.
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Last week's results.
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Our trade from last week didn't happen. We intended to buy USD-CAD at 1.0220 with a target of 1.0300. Well, price moved away from our entry point and never reached it. This trade is cancelled. We are placing a new order here. Once again we want to go long USD-CAD. This time our entry is going to be 1.0151 with a target of 1.0250.
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Trade of the week.
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Over last few days we have witnessed some strength in the Japanese Yen. It is difficult to say how serious it is, but we anticipate a pullback of some sort about here. Our focus goes to USD-JPY. We placed a buy order at 106.53 and are looking for a move to 107.10. Not a large target, so if the trade is initiated, it shouldn't take long to reach it.
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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