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NZD/USD: Exiting also for tiny loss

Posted on - August 20, 2014 5:28 pm (UTC) | 0 Comments
The market got within 5 pips of my initial profit target at .8520 before crumbling, but such are the vagaries of the FX market. I don’t believe strongly enough in this trade to take any extra risk so rather than try to start trading in an uncommitted fashion, I will take a very small loss […]

GBP/USD: Exiting longs for tiny loss

Posted on - August 20, 2014 2:59 pm (UTC) | 3 Comments
I bought a small cable position last night to see if a Fibo support would hold at 1.6612. I still like the idea of buying the dips in cable but with USD momentum looking bullish across the board, I’ll take my 10 pip loss and wait a bit longer. Elsewhere, USD/CAD looks like it might […]

USD picking up bullish momentum

Posted on - August 20, 2014 2:14 pm (UTC) | 2 Comments
NZD/USD has taken out .8400 (and I will look to exit my long position on any rally back towards .8420). The USD is looking strong across the board with USD/JPY also attracting some interest and cable testing 1.6600.

USD still looking strong; levels to watch today

Posted on - August 20, 2014 7:03 am (UTC) | 0 Comments
Cable, 61.8% retracement of 1.6250/1.7190 comes in at 1.6612; USD/CAD, daily highs at 1.0980; NZD/USD, important support at .8400; EUR/USD, chart lows at 1.3290; USD/JPY, recent highs and optionality level at 103.00.

NZD still heavy despite slight improvement in dairy prices

Posted on - August 20, 2014 6:57 am (UTC) | 0 Comments
NZD/USD is sitting just above important support at .8420 and AUD/NZD is still hanging on to the topside of a trend channel (comes in today around 1.1095). Most of the focus in early Asia will be on NZD/USD. Here’s the RBS take on the dairy auction. Overnight the GDT dairy auction prices showed some tentative […]

Cable: Technical support at 1.6612

Posted on - August 19, 2014 6:37 pm (UTC) | 0 Comments
Cable has fallen sharply after the lower than expected CPI numbers. The 61.8% retracement of the rally from the previous pivot at 1.6250 to 1.7190, comes in at 1.6612. I will try buying there and see what happens.

USD/CAD: Holding off on ‘sell-rally’ for now

Posted on - August 19, 2014 4:32 pm (UTC) | 0 Comments
The USD is starting to generate some short-term strength again so I will hold off on re-selling USD/CAD for now. If prices break above 1.0920 then we could see an upswing in momentum so I will be patient and bide my time.

AUD/NZD taking out important resistance levels

Posted on - August 19, 2014 1:19 pm (UTC) | 0 Comments
AUD/NZD is threatening to break cleanly above important technical resistance levels and it seems that the market is now betting on a bearish outcome from the dairy auction. NZD/USD looks likely to test important support at .8400 but much will depend on what happens to the cross here. Now I’m disappointed that my initial profit […]

NZD trading with heavy tone ahead of risk events

Posted on - August 19, 2014 9:27 am (UTC) | 1 Comment
Firstly we have the RBNZ inflation expectations later this afternoon and later today we have the much-watched dairy auction which is so important for the NZ export industry. The NZD market is trading with a bearish bias at the moment and the really big NZD support levels are still at .8400 in NZD/USD and 1.1060 […]

RBA meeting minutes unlikely to hold any surprises

Posted on - August 19, 2014 7:59 am (UTC) | 0 Comments
I’m pretty sure that the RBA meeting minutes will not hold any surprising debates/suggestions and therefore should have little or no impact on the AUD. AUD/NZD still seems like it holds the near-term key to both currencies fortunes and it will take a break outside of the solid 1.0920/1.1060 range to get momentum moving in […]

EUR/CHF inexorably heading for another test of 1.2000

Posted on - August 18, 2014 4:03 pm (UTC) | 0 Comments
The Russian central bank has just announced that it is widening the range of the Rouble basket to 9 Roubles, from 7. No reaction from the EUR/CHF market thus far but with regional tensions staying very fraught, the CHF is likely to stay well bid. The market will tend towards big levels, and there is […]

NZD/USD: Happy to stick with long position, initial target .8570

Posted on - August 18, 2014 8:35 am (UTC) | 0 Comments
I bought this pair last week and had an initial profit target at .8520, which just failed to get filled. I’m not too disappointed as the short-term price action feels constructively bullish, and I’m adjusting my expectations. I expect prices to be contained inside of a wide .8450/.8575 range with a definite bullish bias. I’m […]

USD/CAD: Shorts reduced on Friday, look to sell rallies

Posted on - August 18, 2014 8:28 am (UTC) | 0 Comments
I don’t like having large positions heading into weekends and thankfully my interim profit target at 1.0870 was reached. I reduced my position there and will now look to re-sell on rallies towards 1.0940. If 1.0860 breaks first, then I will need to re-assess and most likely sell shallower rallies, but of course we need […]

GBP higher in early Asian trade after Carney comments

Posted on - August 18, 2014 7:35 am (UTC) | 0 Comments
Cable closed last Friday around 1.6695 and has traded to 1.6730 in early interbank trade. Newspaper articles are quoting Mark Carney as saying that the BOE doesn’t need wage growth to start raising rates. Wage growth has been seen as the main drag on higher rates so these comments, if confirmed, are very relevant. Looks […]

Welcome to the new-look FXWW website

Posted on - August 17, 2014 1:04 pm (UTC) | 13 Comments
It’s taken a long time but I’ve finally figured out what IT stands for. It’s Irish Time! All IT projects take an indeterminate amount of time which bear no relationship whatsoever to the initial estimate My goal has always been to try and improve the chances of success of the aspirational retail trader and to […]

Few range trade suggestions in NZD/USD, USD/CAD and Cable

Posted on - August 15, 2014 4:22 pm (UTC) | 0 Comments
The GBP still looks suspect on the crosses especially with pairs like GBP/CAD nearing very important support levels. We can expect further volatility and plenty of two-way action. I’m still in buy-big-dip mode in cable but will have to wait until the bearish bias in the crosses eases. 1.65/1.68 will cover most eventualities with a […]

Still liking the look of CAD and NZD

Posted on - August 15, 2014 8:02 am (UTC) | 0 Comments
NZD/USD has bounced nicely of important technical support levels at .8400 and the bulls are threatening to re-take control. Stops were triggered above .8500 and now we’ve settled back near .8490. Talking my position as usual, but I like the buy-dip strategy both intraday and medium-term although I’d be surprised if we trade outside of […]

NZD/USD: Looking to play .8450/.8530 range in short term

Posted on - August 14, 2014 9:11 am (UTC) | 0 Comments
AUD/NZD bids are now being reported on the approach to 1.0950 and they should slow down any intraday NZD rallies. Any NZD/USD shorts out there will be getting worried that .8400 might indeed prove too big a hurdle for now, so I’d expect to see plenty of bids now emerge near .8440/50. On the topside, […]
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