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| Hello again!
Financial ministers of G-8 countries concluded their meeting in Osaka.As far as we can tell from a perspective of few days, markets couldn't care less. Despite some sabre rattling about the price of oil as a single largest inflation cause, crude is still way above $130. US stock markets are taking a beating once again, with DOW 30 sliding under 12,000 again, while the dollar...
Well, the dollar is either in limbo, or behaving like a yo-yo, depending on a point of view. Let's take EUR-USD as an example. Direction has been changing every week for some time now, with last period dollar losing some of its previous gains. On smaller time frames, like 4 hour charts, this market seems to be having good size moves, while weekly charts indicate EUR-USD is hopelessly stuck in a narrow trading range. Price action is still favorable to USD strength, if it can break the 1.5300 barrier. On the other hand, the longer sideways price movement lasts, the more probabilities shift to previous trend continuation, dollar weakness. We think the answer will be in the charts by 4th of July.
While longer term direction is somewhat hazy, daily volatility is still good, and ranges remain wide. Our services had another positive week. You can see results below and follow the link for details. |
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Here are the results for last week:
- Daily Pound made 85 pips ;
- Daily Euro gained 89 pips;
Follow the link on the right to view details. |
Last week's results. |
Our intended trade for last week was a play in AUD-USD. We wanted to see at 0.9322 with a target of 0.9250. Unfortunately, price went in the opposite direction and never reached our entry point. Needless to say, trade didn't happen. Same with EUR-JPY. |
| Trade of the week. |  |
Here is trade we are looking at next. The currency is USD-CAD. Now, this pair has been locked in a relatively tight trading range for a few months now. Just keeps on oscillating slightly above parity. Our intention is to go long this cross at 1.0220 with a target at 1.0300. If we are correct, this trade will not take long to complete.
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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