This week was a little shorter for active traders. As it is typical before Easter, Friday was a very light day. Regardless, most of the week was rather eventful. Early on was dominated by central banks announcement. In Australia financial authorities cut interest rates by another 0.25% to 3%. It was sixth easing in eight months. Players liked the news and AUD got stronger afterwards. Bank of Japan held its 2-day meeting. They decided to not to cut rates any more, but with 0.1% not is left to lower there. Instead BoJ introduced yet again stimulus package, this one valued at 3% of GDP, To round up CB news, Bank of England left its rate unchanged at 0.5%.
China said that its foreign exchange reserves rose 16 percent year-on-year to $1.9537 trillion by the end of March. Even though the increase was less than previous years, these are by far world's largest holdings. Analysts believe China holds up to 70 percent of its foreign reserves in U.S. dollar-denominated assets, including Treasury securities. Exact composition of this portfolio has been and will be a source of speculation in Forex circles.
Our services had a mixed record last week, with one gaining ground, the other loosing some. We skipped Friday and will also pass on Monday trading. Regular service will resume on Tuesday. See the results below and follow link for details.
(Sunday 04.11.2009)
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Here are the results for last week:
- Daily Pound lost 99 pips ;
- Daily Euro gained 145 pips;
Follow the link on the right to view details.
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Last week's results.
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Trade from last week was a buy of EUR-CHF. In the shortened, and illiquid week, our buy order has not been reached. We are extending it for a little longer, with the same parameters. Entry is intended to be at 1.5311 and a target of 1.5415.
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With Monday also a Holiday in Europe, banks will be closed there. We can expect same price behavior as we had on Friday. Our regular services are suspended Monday but will resume on Tuesday, when all markets are opened.
We will be looking for a sell in NZD-USD. Order is placed at 0.5680 and our objective is 0.5560 or 120 pips. For this trade intermediate term chart is used, so we don't expect very fast results.
We wish everybody peaceful Easter and great trading next 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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