Open/Wrap

Asian market open, Thursday November 1st

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

  1. I got a feeling that AUD/USD is really does not want to go down. What has surprised me is that even decent selling in US equities did not translate into any meaningful action. Almost all losses in AUD/USD were quickly reversed. I will continue to try shorting AUD/USD on approach to 1.04 over next couple days. But with Obama win getting more likely and my impression of market betting on no cut from Australians next week, I am afraid that big players are getting positioned for next week events in a bullish configuration. If there will be no downside action before weekend I am thinking about abandoning any short risk ideas.

    Above make me thinking that sitting in cash early next week and then selling any post election rally (if any) could be a decent strategy.

  2. I maintain my stance on not shorting the aussie right now!!..its like playing with fire.No matter how bad the news its been really stubborn!!..and i do see it break 1.0400 this week..maybe the chinese PMI might help move things along..plenty of catalysts coming forth this week eitherways..

  3. Hi Rahul, please don’t stop giving your own opinions. I get it wrong plenty of times, on a daily basis probably, and its being able to read other’s opinions and views which help us all 🙂

  4. Good morning folks!
    From my sentiment indicators, math models and from the charts, I would say the market has no idea what to do next with AUDUSD (Monthly, Weekly, Daily all neutral range).
    From my fundamental understanding, this stagnation in AUDUSD has started somewhere in 2011, and is most probably related to the Chinese slow down.
    In other words, AUDUSD is totally uncertain because the market has totally mixed feelings about China.
    Is China really rebounding as these Chinese PMI possibly suggest? Difficult to say (there are many bad signs and good signs), however, I am pretty sure that AUDUSD will retest the trendline resistance that comes from all previous peaks, and it arrives around 1.05 now. So for me the next real nice risk-rewark trade is short AUDUSD 1.05 SL 1.06, target 0.95 🙂

  5. Morning Sean,

    Yesterday was a bad day for EUR and now we are at 8030 for EUR/GBP. Cable seems stubborn since yesterday. Let’s see if i can break the resistance at 1.6140/45.

  6. Morning Sean,

    Yesterday was a bad day for EUR and now we are at 8030 for EUR/GBP. Cable seems stubborn since yesterday. Let’s see if it can break the resistance at 1.6140/45.

  7. Morning mate, yes very disappointed to see it back here again, wont look good below 8020. Hope you were cleverer than me and took some profit on the way up 🙂 Heavy stops above 16180 in cable are another thing to look out for.

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