Just few weeks ago, when the Euro was in apparent free fall, there were a lot of voices predicting imminent collapse of the common currency, or even its demise. The EUR-USD dropped to under 1.2000 but right in the midst of ?Parity soon? headlines it rebounded sharply to 1.3000 in a little over a month. It even stopped reacting to news that previously had pushed it lower, like the downgrades of credit ratings of European countries. For example, the recent decision of Moody's on Portugal, failed to rattle the Euro. In fact, the EUR-USD advanced shortly after the decision.
Most recently, during a press conference in Beijing, Chinese officials expressed their confidence in the Euro, stressing commitment to their investments on the continent. This dispelled any fears that the largest holder of foreign reserves might be dumping the EUR wholesale. Now markets seem to be waiting for new set of news, which will decide next direction of Euro.
Our services had a very good week, both producing triple digit returns. Please see the results below and follow the link for details.
(Sunday 07.18.2010)
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Here are the results for last week:
- Daily Pound made 201 pips ;
- Daily Euro gained 265 pips;
Follow the link on the right to view details.
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Last week's results.
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In our last update we covered AUD-CAD pair. We intended to sell it 0.8870. Price touched our order and then reversed immediately. This resulted in a loss 150 pips for the trade.
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Trade of the week.
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We are taking a look a much longer term trade this time, using a daily chart of USD-CAD. Canadian Dollar has come under pressure recently, which is visible in the last few price bars. This pair has been building what looks like a bottom, which we hope will produce a strong up move.
A buy order is placed at 1.0865. If it is filled, we expect the bullish move to continue for some time, eventually reaching 1.1150 - that is our objective. Realistically, it could take a few weeks for this to develop, so we are talking about a longer term position.
We wish everybody a 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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