Open/Wrap

Asian market open, Monday October 29th

You can click through here and read my opening comments on FX Street.

  1. Sean, good morning! Here is my take on the eur-usd:
    Although I think eur-usd can continue its rebound started on Friday, I’m starting to believe that the next big move once the much awaited breakout takes place is going to be the downside.
    A few reasons why I think so:
    1. on Thursday prompt broke below the support line (currently 2984), which was establised on July 25th
    2. prompt has been above the 4H 200ma (it’s 2970 now) since August 20th, now it’s broken and stayed below that
    3. daily macd and directional movement are bearish
    4. The Sept. 17th top, 3171 and the Oct. 17th peak 3138 seem to form a double top, from which a bigger pullback can be expected (I’d say back at least to the 2800-2750 area)
    I look forward to others’ opinions and comments too.
    Cheers!

  2. Sean,

    looks like aussie finally wants that 1.0410. I think the retail market is still huge short aussie and hedge funds will create a move before US presidential elections

  3. Morning Sean,

    From yesterday, i will stay one less hour with you :-(. Friday, i have waited and seen, i didn’t open position. Obviously, you have picked up the right time for EUR/JPY πŸ˜‰ Well done

  4. Thanks Papillon but its only a small position. Have a look at EUR/GBP today, possibly buy 8020ish with tight s/l below 8000. You normally like trading this pair as well??

  5. Yes, i like trading this pair. I’m looking for a good’s entry level and buy at 8020, looks a good opportunity πŸ˜‰

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