May 11th, 2010 03:43:23 GMT

JPY crosses still sliding


We’ve had a pretty ‘normal’ trading day with the JPY crosses as usual leading the way in Asia. EUR/JPY fell 80 pips in the morning, recovered all those losses, but has now started to slide again as we approach the European open. Swiss banks are normally at their desks by about 6.30 am and they get the European trading day started. Cable still looks a bit sick and it will be interesting to see what the London traders make of it this morning.


May 11th, 2010 02:07:06 GMT

Sterling could suffer from continued uncertainty


The resignation of Gordon Brown looks like it might be opening up the possibility of a Labour/Liberal Democrat coalition but the continued uncertainty is bound to soon start affecting the pound. Even if they do get together and form a government, I would not be overly confident of it lasting a long time. The two big losers from the election join together to form a winning team? Uninspiring at the very least. I think that London might turn bearish on the pound after they’ve had a night to sleep on the events. I’m looking to play it through a long EUR/GBP strategy and getting in at the right level will be the secret. Any good ideas out there?


May 11th, 2010 01:31:47 GMT

EUR recovers all of earlier losses


It looks like the EUR/USD might settle into a short term 1.25/1.31 range (after all that’s what China seem to be playing) and I think we’d be wise not to get overly excited in the middle of this range. The EUR sentiment remains bearish but the market is short and the Sovereigns are looking to buy again with a who’s who lined up below 1.2650 (BIS, ACBs and China). Look to play edges only or else jump in and out for some quick jobbing is my suggestion.

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May 11th, 2010 00:36:50 GMT

AUD/USD technicals: perfect retracement complete


The sharp fall from .9325 to .8715 has it’s 61.8% retracement level at .9090 and the 100-day MA is at .9080. These levels capped yesterday’s rally. The hourly chart is showing a 3-wave retracement which is looking at topping out and a break below .8980 would suggest to me that the down move is back in control. If this happens, I’ll be looking to add to my shorts on rallies with partial stops above .9100 and again above .9180. My target for this move is .8400.


May 11th, 2010 00:05:08 GMT

Nikkei opens +1%


EUR/USD has bounced back from its earlier low at 1.2725, currently back above 1.2750. If anyone knows where it’s headed, please feel free to share!


May 10th, 2010 23:47:17 GMT

JPY crosses opening with a soft tone


Dealers say that liquidity is again quite poor and that EUR/JPY is simply carrying on with the bearish tone from overnight. The EUR/USD has now completely closed the gap from yesterday morning and where it goes from here is anybody’s guess.


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