Metal moves suggest USD weakness ahead
Twice this week Silver has posted a daily gain of 5%+, this is a serious signal and not to be ignored. Gold is following at a more sedate pace, but is still over 5% higher on the week.
The USD hasn’t actually moved much this week at all, except against the GBP, with most of the other majors losing ground earlier in the week and regaining those losses yesterday. However the FX market risk in my opinion is for some heavy and steady USD losses in coming weeks. The metals are giving us the direction.
I’m not really all that sure about the Yen and am leaving it alone, I’m still ueber bullish cable for a move to 1.70+ and I remain a base-picker in the AUD/USD for a move back to 96 cents.
Good luck today and TGIF.
Hi Sean! I agree with your bearish USD stance. Where is a good entry spot for GBPUSD? And any view on EURUSD? Thanks!
Ignore EUR/USD would be my advice. Cable now 1.5535/50 should support; and I agree this is best vehicle for playing bear USD card.
Hey Sean, welcome back! Well i shorted the usd/jpy at 98.3and closed it already, i know your backing from the yen for now, but do you think it will go lower in todays interday? I figure it should go up, as i can see the Japan 225 futures went to 14000 and now went back down to 13500 so i expect it to do futher down in the coming days, but for today i expect it to rise, but really im not even 50% confident with this perdiction. I think i will back off today as well for the Yen, but still, what are your thoughts.
Morning Abdullah, I’m not too sure but FXWW303 is an interbank Yen specialist and he reckons 97.00/10 support should hold first up and 97.80 ish should be toppy. He’s overall bearish for coming sessions but like you depends on what Nikkei does. It is Friday, when we often get risk-aversion, so I’d prefer to wait and sell rallies
Are you in chat-room Abdullah? Looks like tech issues sorted out now with Reuters so next batch of applications going out this weekend.
Hey Sean, no im not registered if thats whats your refering to. I just like to keep up with your blog on like a ten min basis …lol… Literally! I figured we couldnt register…
I’ll include you in next free trial batch, see what you think
Thanks Sean! Really means alot, i’m really interested to see what its like to have even more informaion avaliable from FXWW! Excited Seriously..made my day!