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Few days ago one FED official gave a "hint" that they "might consider" another rate cut during their next meeting on the 11th of December. Unlike stocks, which staged an impressive run on that comment, currencies failed to respond in any meaningful fashion. That is dollar didn't slide any more against other currencies. At least the European ones. Both AUD and NZD had some run up but then retraced by the end of the week. Bottom line is, USD had a best week in a long time.
We think that interest rates will not be a primary force behind larger moves in Forex. As a matter of fact, they already are not. We don't know what will be the main catalyst from now on, budget, trade or employment. That will only be known from a perspective of time. What's important, is that fundamentals are changing.
In other notable developments, JPY has shown some weakness and is likely to continue that trend.
November came to an end. In general, it was a good month for our services. Please see the results below and follow the link provided to view the details.
We updated our complete results pages, including performance graphs. They are accessible from the "Services" page.
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Here are the results we achieved last week:
- Rainbow made 366 pips in closed trades;
- Daily Pound made 53 pips;
- Daily Euro made 20 pips for the week;
Follow the link on the right to view details. |
Last week's results. |
| Our latest "Trade of the week" from 11.25.2007, or last week, featured a trade in USD-CHF. The plan was to BUY at 1.1061 with a target of 1.1200. Prices moved our way, trade was initiated and moved within few pips to 1.1200. We decided to close it 1.1160 or +99 pips. Subscribers were, as always, notified immediately. Eventually prices reached the original target. |
One more trade from our "Rainbow" service. CHF looked weak to us and we entered another one of that currency's pair. That was a BUY in GBP-CHF at 2.2804 with a goal of reaching 2.2950. This trade met our objective easily for a gain of 146 pips. |
| Trade of the week. |  |
For today's "Trade of the week" we are going to take a look at GBP-NZD. Now, that is not a pair we cover in any of our services, so we are going of the beaten path here.
Few weeks ago, in our update from 11.04.2007, we featured a trade in this cross. That trade didn't materialize and we are taking another try at it.
Our plan is to BUY at 2.7100 with a target of 2.7350 or about 250 pips. If this trade happens, we think it will reach the target fast.
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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