Weekly Technical Update: Weakness Stays with Greenback; Yen Might Start Sliding as Well

Friday, July 30th, 2010

This week, The US dollar continued to loss ground to the euro, and pound, as well as to the JPY, which competes with the USD for risk-aversion-based flow. The commodity currencies such as AUD and CAD also gained on the greenback. Even gold, which has been declining is gaining again.

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Weekly Technical Update: Weakness Stays with Greenback; Yen Might Start Sliding as Well

Fed Comments Cause A Disproportional Stir In USD

Friday, July 30th, 2010

FX markets continue with their choppy, noncommittal trading pattern. But as investors concerns ease and EU spreads tighten significantly, markets are leaning towards selling USD (interestingly not case with other safe-have FX trades like JPY and CHF) and buying of risky assets

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Fed Comments Cause A Disproportional Stir In USD

Trade Idea: USD/JPY – Buy at 86.85

Thursday, July 29th, 2010

USD/JPY – 87.20 Most recent candlesticks pattern   N/A Trend                              Sideways Tenkan-Sen level          87.31 Kijun-Sen level                   87.61 Ichimoku cloud top                87.63 Ichimoku cloud bottom            87.40 Original strategy :    Buy at 87.10, Target: 88.10, Stop: 86.60 New Strategy   :   Buy at 86.85, Target: 88.00, Stop: 86.35 As the greenback has remained under pressure

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Trade Idea: USD/JPY – Buy at 86.85