Largely as expected, last week's news were dominated by the G20 meeting in London. Leaders of 20 major industrialized nations were debating ways to combat global financial crisis. Summit was marred by protests, but they turned out much smaller in scale than feared. Participants agreed on implementing several new measures aimed at, supposedly, preventing this from happening in the future. Coordinated actions are to be taken against tax havens and out of control executive pay. Also, additional regulations of all systemically important financial institutions, instruments and markets will be enhanced. International Monetary Fund is to receive to $1.1 Trillion Dollars to shore up finances and markets in smaller countries.
By Friday G20 meeting was overshadowed by US employment data, which, once again, was abysmal. Nation wide 666,000 jobs were lost in March and the unemployment reached 8.5%, with at least seven states reporting 10%+ level. Economists claim that if part time jobs were included, the figure would be much higher.
Our services closed months of March on positive note, but started April in a mixed fashion, with one showing good gains and the other registering losses. See results below and follow link for details.
(Sunday 04.05.2009)
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Here are the results for last week:
- Daily Pound made 153 pips ;
- Daily Euro lost 15 pips;
Follow the link on the right to view details.
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Last week's results.
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Last week we featured a short trade in NZD-USD. Plan was to sell it 0.5656, looking for 0.5570 level. Trade worked as planned, and produced 86 pips profit.
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After this volatile week, markets for the major currencies might settle down a little. Perhaps some trade reversal for dollar and yen is possible also. This is speculation, though, not analysis. We prefer to try our lack trading something outside of USD or JPY. That's why we are taking a look at EUR-CHF.
Our plan is to buy it at 1.5311. with a target of 1.5415, or a little more than 100 pips. Notice we are using an intermediate term chart for this analysis, so this can easily take longer than a week.
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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