AUTOREFRESH 
Asian FX market open: majors steady in early interbank trade
By Sean Lee || March 7, 2010 at 19:53 GMT
|| 9 comments || Add comment
Not much movement so far this morning although the EUR crosses are mildly higher after the ‘gas-bagging’ from various EU leaders. EUR/JPY is at 123.20 and EUR/GBP is at .9010. This whole Greece situation has developed into a stand-off between hedge funds and Sovereign players and it remains to be seen who blinks first.
The Icelandic people are obviously all FX traders as they have taken a punt on the EUR and GBP continuing to fall, thereby reducing any future payments. Or?
Good luck today.
Have a dry weekend all 
Hi Sean how was your weekend ? now that e/j has overcome the122.5 level what is in the cards for this pair ? have a profitable week
Hi Burt. What it tells me is that I’m not reading it well and should leave alone which is what I’m going to do. I’m still long AUD/USD from good levels and I bought some EUR/USD this morning but they are both more medium term plays. Intraday, probably now buy EJ at 12240/50 but I’m saying that with very low confidence
Hey Sean, G’day! It seems that USD/CAD may be bottoming in the low 1.02s (and oil may be getting toppy in the 80s, which of course also has implications for the equity markets and forex risk pairings), what’s your take on USD/CAD? I’m guessing that we have risk on until oil hits 84 or so, so usd/cad may be a good play from 1.023/1.025 to, say, 1.05+…
Hey JR, sorry don’t have much of a feel for the CAD I’m afraid. Just doing my AUD/USD techs and it looks quite bullish still so based on that I’d say to stick with short USD/CAD until a clear bottom emerges. If that 10200/50 support breaks it will fall like a stone to .97, wouldn’t you think so??
Hey Sean, I don’t think 1.02 is any likelier to break on the downside than oil is to break 85 on the upside. My daddy taught me that “the cure for high oil prices is high oil prices.” IMO, the economy can’t really handle oil above 85 right now. It’s too big a tax on the system- and it seems that usd/cad is highly correlated to oil. It also seems like there’s a high correlation between oil and equities and forex risk pairs. A lot of analysts figured that 2010 would be a lot like 2004, sideways consolidation/range trading. I think oil is at the top of its range and usd/cad is at the bottom of its range. Anyhow, as a trade setup, buying usd/cad at 1.023 or 1.25 with a target at 1.05 and a stop under 1.02 seems like a good risk/reward trade to me. Here’s to hoping for a smooth week, but my sense is that we’ll get choppy sideways trading.. Risk on, then off, then on… Cheers,
Thanks for that JR. You were spot on with your AUD/USD levels so I might have a little flutter on those Loonie levels.
Hey Sean, Any sense for gbp/jpy? I had been targeting 138 as a good level to go short against but it seems like the JPY intervention story combined with last week’s hammer candle on cable suggests a 140-143 level to go short against. Then again, the jpy intervention thing may be a game changer and may void the technical talk of a major move down. What’s your take?
Re GBP/JPY JR, you’re spot on, the intervention thing might be a game changer but I still think we should be in the sell rally camp, just not sure where that can take us to. Let’s give it a few days I’d say.
Asian FX market open: majors steady in early interbank trade ……
[Source: ForexLive] quoted: I’m still long AUD/USD from good levels and I bought some EUR/USD this morning but they are both more medium term plays. Intraday, probably now buy EJ at 12240/50 but I’m saying that with very low confidence…