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Yet another week of losses for USD. Seems like it is in some kind of never-ending slide. Both EUR and CHF made new highs against the green back. Let's not forget JPY, but that is a separate case, which always has a life of its own. On the other hand remaining major currencies are getting weaker. NZD, AUD and CAD are off their respective highs. Now, an old Forex wisdom claims that "commodities currencies" lead the pack. Supposedly they are the first ones turn or start the move. Does it mean we have seen the USD bottom? In itself not, but we don't think it is far off.
For the longest time weakness of USD has been of little importance to American public. General belief was that a person who doesn't travel abroad is not effected by currency fluctuations. Lately, however, financial press has been making the connection of weak dollar and very high commodities prices. All that in relation to growing costs of everyday goods, of course. If this continues, don't be surprised to see it become a political issue (election year). That might lead to a very rare event- direct FED intervention to support USD. Don't be surprised if that happens.
Our own trading was lukewarm. See the results below and follow the link for details. |
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Here are the results for last week:
- Daily Pound lost 58 pips ;
- Daily Euro lost 132 pips;
Follow the link on the right to view details. |
Last week's results.
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Our trades from previous few weeks have not materialized yet. Both of them came very close to being executed, but didn't. Regardless, both of these orders remain valid. As a refresher, we are planning to go short NZD-USD at 0.7900 with a target of 0.7400 and EUR-GBP at 0.7600, looking for 0.7400. Both are large targets, so it might take some time for the trades to come to a conclusion. |
| Trade of the week. |  |
We are taking a look at GBP-CHF. This here pair has been in a prolonged down trend for a long time and many pips. During this time at least 2 reversals have formed and failed. Currently another broad bottom pattern is forming, chances are we will see some upside move. Our order here is simple. We are buying breakouts above 2.0800 with a target of about 2.1200.
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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