FXstreet.com

FX Weekly Report

12

0

More USD strength is likely but I still question the overall trend

Mon, Oct 26 2009, 04:44 GMT
by Pierre Charlebois

Trading Metro


This may be a USD bottom but I am still using caution until we see more evidence a turn has started in earnest.

USD Index - The trend is still intact. 75.00 may prove to be the psychological barrier however a true break has not yet occurred.

index

 

EUR/USD - I am still cautious due to the nature of the pull back from the top of 1.5059. The shape is not what I would like to see from an Elliott Wave view. However I have been wrong before about initial wave structures and I still see the upside as limited. So I am about 50/50 on this pair as to whether the top is in place.

eur

eur

GBP/USD - The move down from the the top on this pair is clearly impulsive. However the structure preceding it could be evidence that it is a wave C of a correction. What I would really like to see before calling a top is a 3 Wave pull-back and further drop to new lows. Whereas a new high would once again put 1.70 back in the picture.

GBP


USD/JPY - Reaching overbought at this point. Direction unclear to me.
uj

USD/CHF - Clearly the downside is limited. Whether the bottom is truly in place or not remains to be seen.
USD/CHF

AUD/USD - As with many pairs the upside appears limited but not guaranteed.
AUDUSD


NZD/USD - As with the AUD/USD, a correction is overdue. Where is the top?
NZD/USD

USD/CAD - Current trend-line could define the trend
cad

EUR/JPY - In the bigger view I think this should top out and drop again.
EUR/JPY





Archive

Trading Metro  | #310 - Dunsmuir Street. Vancouver, BC V6C 1N5
http://www.tradingmetro.com/ | admin@TradingMetro.com

Legal disclaimer and risk disclosure

High Risk Investment Commodity Futures Trading Commission Futures and Options 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 futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures, stocks or options on the same. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results. There is considerable exposure to risk in any off-exchange foreign exchange transaction, including, but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price. CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN. The content provided in this site is put forward in good faith and believed to be accurate, however there are no implicit guarantees of accuracy. The reader accepts that by using this information, he or she will not hold Trading Post Financial Services, Inc., ('Trading Post') responsible for decisions based on information from this site. This website may contain links to other websites. These links are provided as references to help you identify and locate other Internet resources that may be of interest. These other websites were independently developed by parties other than Trading Post Financial Services Inc. and Trading Post does not assume responsibility for the accuracy or appropriateness of the information contained at, or endorse the viewpoints expressed at, such websites. Currency trading is risky, it involves substantial risk of loss, it is not appropriate for everyone, and therefore only risk capital should be used for trading. Risk capital: money that a person can afford to lose. Past performance is no guarantee for future results. Actual trading results may vary.

Related reports

Intraday Forex Technical Report - U.S. Update: More dollar corrections FXstreet.com Independent Analyst Team
Fri, Nov 20 2009, 16:15 GMT

Daily Market Report - There are indications that the market is reducing its exposure to risk Wells Fargo Investments, LLC
Fri, Nov 20 2009, 15:19 GMT

Fundamental Currencies Comments - Dollar climbs vs. majors ecPulse.com
Fri, Nov 20 2009, 15:15 GMT

Currency Majors Technical Perspective FXstreet.com Independent Analyst Team
Fri, Nov 20 2009, 14:22 GMT

The Daily Currency Analysis - TraderPlanet Daily Currency Analysis TraderPlanet.com, LLC
Fri, Nov 20 2009, 14:10 GMT

audusd, eurusd, usdcad, gbpusd, usdchf, nzdusd, usdjpy

Related content

Wall Street ends Friday in negative; Dollar with gains
FXstreet.com | Fri, Nov 20 2009, 22:14 GMT

Forex: EUR/USD ends week with moderate losses
FXstreet.com | Fri, Nov 20 2009, 21:27 GMT

Canada Afternoon: C$ Ends Lower Amid Subdued Risk Sentiment
Dow Jones | Fri, Nov 20 2009, 21:12 GMT

ForexLive New York wrap-up: EUR/USD bounces after 1.4800 attack
Forex Live | Fri, Nov 20 2009, 20:58 GMT

Forex: GBP/USD fails to hold above 1.6500
FXstreet.com | Fri, Nov 20 2009, 20:35 GMT

audusd, eurusd, usdcad, gbpusd, usdchf, nzdusd, usdjpy

View All

Interested in forex trading? forex brokerage firms!


MG Financial Group
Contact the broker/FDM
Open a demo account
ACM Advanced Currency Markets SA
Contact the broker/FDM
Open a demo account
Capital Market Services, L.L.C.
Contact the broker/FDM
Open a demo account
CitiFX Pro
Contact the broker/FDM
Open a demo account
Alpari (US), LLC
Contact the broker/FDM
Open a demo account

GET CASH BACK FOR YOUR TRADES!   Learn more about the Pip Rebate Program

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.

Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2009 "FXstreet.com. The Forex Market" All Rights Reserved.