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[IFR Forex Watch]
[USD/JPY OUTLOOK]
[04:14 GMT May 17] USD/JPY and EUR/JPY saw renewed selling interest in Asia. Initial efforts down look to have been in EUR/JPY, which was sold from the 141.15 level to 140.92 very early in the session. Another round of sales was seen after the Tokyo open, with the cross breaking below support in the 140.90-
00 area and trading down to 140.56. USD/JPY took the spotlight thereafter, trading down at first in sympathy with EUR/JPY. Later, USD/JPY-specific flows came in. From an early high of 109.84, USD/JPY traded down to as low as 109.35 by mid-day. Sizeable bids out of Tokyo from the 109.50 level helped cushion the move lower. Bids continue to come out of the woodwork near the session low, suggesting some players be looking to keep the market from trading below the 109.31 low seen Friday and the long-term, Fibo retracement level around 109.20 (61.8% of 101.70-121.40). Dealers also are aware of large option barriers at 109.00, some legs of 2-year 109-129 double no touches put on in January. Further tests down are eyed in both pairs. EUR/JPY does not see good support till the 200-day moving average and March 28 low at 139.75-80. --Haruya.Ida@thomson.com
Damn Chinese spoiled a perfect Mother's day yesterday!
It is amazing how everything is related to something. How can you get your hands on the information below (yuan appreciating) before the carnage??!!
USD/CAD surged overnight on short-covering, reaching 1.1176
in London. Risk-aversion was today"s global theme as commodity prices unwound recent steep gains. One catalyst for the fall in commodities was China allowing the Yuan to firm to above 8.00 against the USD for the first time. Markets feared that combined with interest rate hikes, a firmer Yuan will cool the roaring Chinese economy, and with it the near-insatiable demand for raw materials. Gold fell nearly $30 today and oil slide $2.70, back below $70. USD/CAD spent the US session backing and filling above 1.1115. A rebound in Canadian manufacturing shipments (+1.6%) in March helped cool speculation that the BOC will be forced to the sidelines near-term by CAD strength. USD/CAD dipped as low as 1.1115 after the data, tripping stops below 1.1125 support but the move lacked follow-through. Solid bids are seen on dips
to 1.1080/90 near-term while 1.1280, the 38.2% retracement of the decline from 1.1770 is a viable target this week. The USD withstood US TIC data which was a bit below expectations today, and the weakest NAHB survey in 11-years.
Jamie.Coleman@Thomson.com /rs
[IFR Forex Watch]
[USD/CAD OUTLOOK]
Boy yesterday was brutal! All 3 of my trades went the wrong way!
Last night was brutal! I had 20 pip stops in (thank god) but a 60 pip loss is a chunk of change any way you look ay it. I traded long EUR/USD, long AUD/USD and shorted USD/CAD. I was only going for a 30 pip gain
Lessons learned :
- NEVER trade on Sundays!
- When trading commodity currencies always know the price of gold, precious metals and oil in real time.
- Market corrections happen when you least expect it so be ready and do your homework more thoroughly (I should have predicted the EUR was due for a correction)
I was sure the USD news would be negative today and the the US wants their USD to be low because of the trade deficit.
Oh well .. lessons learned!
GLTA
Country/ Currency Event GMT EST CONSENSUS PREVIOUS
AUD Unemployment Rate (APR) 1:30 21:30 5.1% 5.0%
AUD Employment Change (APR) 1:30 21:30 5.0 27.0
AUD Participation Rate (APR) 1:30 21:30 64.4% 64.4%
Are you guys playing this news?
I love your nickname .. very creative but simple at the same time. I totally agree with your thoughts. I would much rather blow $500 to get 5 million shares of this than to go to the casino or even play the lottery. Your chances of winning here are MUCH MUCH greater. People say they buy penny stocks for an investment!! WHAT???!!! No frackin way! This is gambling all the way .. no investment here.
So you people who are complaining about the company .. STOP!
You get what you pay for!! Do you honestly expect a company whose stocks price is .0001 to answer every email and every phone call?
They do not have the money for that! SO all of you negative people out there stop complaining please!
Happy gambling!
Are you refering to me? Cheering? Hardly! Creede sold out and we are sticking it out here hoping/guessing/gambling that something will come out of this. While he owned the stock he was bashing the hell out of it.
You have to be mentally disturbed to bash a stock you are holding shares in.
Nobody here is pumping this stock ... we are just seeing the glass half FULL. Some comments joking about the predicament we are in are pretty funny.
Nothing bad has been proven YET *except* the dillution.
Odds are we screwed ... but wait till the end.
Turnaround?
EUR/USD Goin up?
The USD interest rate is higher dude!
ultimatepick, the only type of person that would make the comments you just did, in my observation, is either a market maker for this stock or someone who has profited from the drop in share price and the apparent ongoing dilution
Wrong on BOTH counts!
I have a major problem with FOREX.COM
I went long USD/CAD today on roll it over and they CHARGED me interest instead of PAYING me the 1% interest differential of the currencies times 3 because we are Wednesday!!
I tried to get a straight answer from live chat to no avail .. the guy asked me if I was in interested in a "high roll" account. I asked him what the frack that was and he could not give me details ... only that it is "good for me" !! LOL!
I know you have to have a certain percentage of the OPEN trade as a balance (which I had 100% of the open position).
How does rollover work for you guys. I asked the rep for documentation that explains it with numbers and figures and he could not give me any ... only the customer agreement below!!
I am fracking PISSED OFF!! Can someone clam me down please?
I need information!!
SETTLEMENT DATE; ROLLOVERS; DELIVERY. In cases where transactions are executed for physical delivery, instructions on the settlement of Open Positions must be given to Forex.com at least two (2) Business Days prior to the Value Date. In the absence of instructions from Customer directing Forex.com to deliver, offset, or roll over Open Positions, Forex.com is authorized, in Forex.com s sole discretion, to deliver, roll over or offset all or any portion of the Open Positions in Customer s Account at Customer s risk. Delivery of Foreign Currency shall be made to the bank specified by the purchaser in a major city in the country in which the Foreign Currency is the legal tender. Unless otherwise agreed by Forex.com and
Customer in writing, the Foreign Currency shall be deliverable by wire transfer. Forex.com may require payment of amounts due from Customer to Forex.com prior to 16:30 EST on any day prior to payment of amounts due and payable by Forex.com to Customer on that day. Forex.com and Customer shall exchange, make use of, and periodically update and confirm any standing payment instructions. Sufficient funds to take delivery or the necessary delivery documents must be in the possession of Forex.com. If instructions, funds and documents are not received by Forex.com by the specified time, Forex.com may, in its sole discretion and without notice to Customer, offset Customer s Open Positions, roll over Customer s Open Positions into the next settlement time period, or make or receive delivery on behalf of Customer upon any terms and by any methods deemed reasonable by Forex.com, in its sole discretion. Terms and/or methods for delivering, offsetting, or rolling over Customers Open Positions may differ on a Customer-by-Customer basis relative to the current balance in the Customer's Account.
I learned my lesson today NEVER TRADE MANUALLY ON A NEWS DAY!!
Your trigger finger is no where near fast enough for the news.
You gotta set your orders, stops, limits and just pray for the best.
Just sharing my mistakes.
I gotta learn from them!!!
If anybody hears news plz post it! If you can!
I know you guys have your trigger finger ready and the world around you is NON existent
Creede no need to be like that bud. You sold out.
You can stop bashing the stock now.
Are you having second thoughts?
Do you feel the need to save any new investors?
Everybody here is a grown adult and can make their own decisions, don't you think?
You made your decision .. now let everybody else make theirs.
Time is approaching ... if the USD starts dropping at 2:01pm then LOOK OUT BELOW!
Come to chat everyone.
I have a couple of cold beers in the fridge!
Strong Canadian beer ... 8.1% alc/vol
http://theforexclub.us
I need my support group!
Danny
I think this post is very appropriate to the situation here.
Alot of bashers hanging around in here ... what is the reason?
http://www.investorshub.com/boards/read_msg.asp?message_id=11031737
Well as the saying goes... bashers never bash a bad stock, they only go after stocks that are going upwards or have excellent potential to go up. Bashers get left behind, so they want to bring the price down for themselves or the person(s) paying them...pretty sad really.
At the same time, I guess this does give some further indication of SPZI's potential!!!
You had the opportunity to redeem yourself, but instead are continuing in the same old obvious pattern and behaviour. It's very clear who you really are now...pretty pathetic to have to make a living on $5 to $7 per bashing post????
BASHERS DO THE FOLLOWING:
1. Be anonymous
2. Use 10% fact. 90% suggestion. The facts will lend credibility to your suggestions.
3. Let others help you learn about the stock. Build rapport and a support base before initiating your bashing routine.
4. Enter w/ humor and reply to all who reply to you.
5. Use multiple ISP's, handles and aliases.
6. Use two (2) or more aliases to simulate a discussion.
7. Do not start with an all out slam of the stock. Build to it.
8. Identify your foes (hypesters) and the boards "guru" Use them to your advantage. Lead them do not follow their lead.
9. Only bash until the tide/momentum turns. Let doubt carry it the rest of the way.
10. Give the appearance of being open minded.
11. Be bold in your statements. People follow strength.
12. Write headlines in caps with catchy statements.
13. Pour it on as your position gains momentum. Not your personality.
14. Don't worry about being labeled a "basher". Newbies won't know your history.
15. When identified put up a brief fight, then back off. Return in an hour unless your foe is a weak in reasoning powers.
16. Your goal is to limit the momentum of the run. Not to tank the company or create a plunge in the stock; be subtle and consistent.
17. Kill the dreams of profits, not the company or the stock.
18. Use questions to create critical thinking. Statements to reinforce facts.
19. DO NOT LIE, DO NOT NAME CALL and DO NOT USE PROFANITY.
20. Encourage people to call the company. 99% won't. They'll take your word for claims made. If they do call you can always find something that is inaccurate in how they report their findings.
21. Discourage people for taking the companies word for anything. Encourage them to call the company. They won't out of laziness.
22. If the companies history/PR's are negative constantly point to that. Compile a list of this data prior to beginning your efforts.
23. If the price rises blame it on the hype or the PR, temporary mass reaction, the market, etc. Anything but the stock itself.
24. If other posters share your concerns, play on that and share theirs too.
25. Always cite low volume, even when it's not.
26. Three or four aliases can dominate a board and wear down the longs.
27. Bait the hypesters into personal debates putting their focus/efforts on you and not the stock or facts. Divert their attention from facts. Show them the facts from a "different angle."
28. Promote other stocks that would-be investors can turn to instead of the one your bashing.
30. Do not fall for challenges on the "values" of what you are doing, it's a game and you are playing it with your own rules.
5/9 2350 Japan Official reserve assets Apr $852.0 bio n/a
5/10 0500 Japan Leading economic index Mar prelim 90.9 60.0
5/10 0500 Japan Coincident index Mar prelim 50.0 11.1
5/10 0600 Japan Machine tool orders YoY Apr-prelim 5.2% n/a
Agreed .. USD/JPY should go down tonight
http://www.dailyfx.com/story/dailyfx_reports/daily_technicals/Anti_US_Dollar_Correction_114717047476...
USD/JPY – After puncturing 111.00 yesterday, USD/JPY rallied to close above the 50% fibo of 101.65-121.37 at 111.50. If yesterday’s low at 110.96 holds as support, then contra moves towards the 5/1 low at 112.33 as well as the 23.6% fibo of 118.82-110.96 at 112.81 are possibilities. A break of yesterday’s low exposes the 7/21/05 low at 109.85. Taking a step back and looking at the bigger picture, the decline from the 121.38 high made on 12/5/2005 to 113.41 on 1/12/06 can be numbered the first wave in a larger decline which means that possible downside targets are 108.43 (118.82 - 138.2% * (121.38-113.41)) and 106.57 (118.82 - 161.8% * (121.38-113.41)).
This is what is causing weakness in the USD. I strongly beleive that fundamental analysis is WAYYYYY more important than technical. I am goin to start scouring google news etc .. before I enter in a trade.
News is what make them POP!
http://www.cbsnews.com/stories/2006/05/09/world/main1603179_page2.shtml
Iranian Letter Lambastes Bush
U.N. Delays Resolution On Curbing Iran's Nuclear Program
TEHRAN, Iran, May 9, 2006
Iranian President Mahmoud Ahmadinejad last month at a public gathering. (AP)
(CBS/AP) Iran's president declared in a letter to President Bush that democracy had failed worldwide and lamented "an ever-increasing global hatred" of the U.S. government. Secretary of State Condoleezza Rice swiftly rejected the letter, saying it didn't resolve questions about Tehran's suspect nuclear program.
"This letter is not the place that one would find an opening to engage on the nuclear issue or anything of the sort," Rice said in an interview with The Associated Press. "It isn't addressing the issues that we're dealing with in a concrete way."
Rice's comments were the most detailed response from the United States to the letter, the first from an Iranian head of state to an American president since the 1979 hostage crisis at the U.S. Embassy in Tehran.
On Tuesday, key Security Council nations agreed to present Iran with a choice of benefits or sanctions to consider in deciding whether to suspend uranium enrichment, a move that will delay a U.N. resolution to curb Iran's nuclear program, a European official said.
Political directors of the United States, Russia, China, Britain and France as well as Germany made the decision to present Tehran with the options at a meeting following more than three hours of talks by their foreign ministers Monday night that failed to reach agreement on the resolution.
The letter from President Mahmoud Ahmadinejad made only an oblique reference to Iran's nuclear intentions, asking why "any technological and scientific achievement reached in the Middle East region is translated into and portrayed as a threat to the Zionist regime."
Otherwise, it lambasted Mr. Bush for his handling of the Sept. 11 terror attacks, accused the media of spreading lies about the Iraq war and railed against the United States for its support of Israel. It questioned whether the world would be a different place if the money spent on Iraq had been spent to fight poverty.
"Would not your administration's political and economic standing have been stronger?" the letter said. "And I am most sorry to say, would there have been an ever-increasing global hatred of the American government?"
Ahmadinejad on Tuesday called his letter "words and opinions of the Iranian nation" aimed at finding a "way out of problems" facing humanity, according to the official Iranian news agency. He spoke briefly before boarding a plane for Indonesia, where he was to attend a summit of developing nations.
Iran's top nuclear negotiator called the surprise letter a new "diplomatic opening" between the two countries, but Rice said it failed to resolve the dispute over the Iranian nuclear program, the focus of intense U.N. Security Council debate this week.
“Moving the ball forward, however, Secretary of State Rice expressed the interest of the U.S. in continuing negotiations with the other political directors of the world powers who will negotiate an options package to present to Iran next week from a European Union meeting in Brussels,” reports CBS News foreign affairs analyst Pamela Falk.
The Iranian negotiator, Ali Larijani, also said Tuesday that Tehran had no intention of withdrawing from the Nuclear Nonproliferation Treaty and promised to cooperate if the U.N. atomic watchdog agency dealt with the issue of its nuclear program, rather than the Security Council.
On Sunday, Iran's parliament threatened to ask the government to withdraw its signature from a protocol in the treaty that allows intrusive surprise inspections of nuclear facilities.
"We have no reason to leave the NPT. Our case is completely different from that of North Korea," Larijani said during a visit to Athens, Greece. "The additional protocol is one thing, and the NPT is another," he said.
White House Press Secretary Scott McClellan said Mr. Bush had been briefed on the letter, which the White House received Monday through the Swiss Embassy in Tehran.
"There's nothing in here that would suggest that we're on any different course than we were before we got the letter," Rice said.
Even though the letter hardly touched on nuclear issues, officials said it appeared timed with a push by the United States and its European allies for a Security Council resolution to restrain Tehran's nuclear ambitions. Both China and Russia are opposed to leveling sanctions against Iran, and the letter could provide them support.
Rice, who said she expected no quick action on sanctions, met privately Monday night with foreign ministers from the other permanent members of the council.
Ministers from the five permanent members said they had agreed not to discuss specifics of a text, instead focusing on overall strategy. German Foreign Minister Frank-Walter Steinmeier said diplomats would need "another 10 days, 14 days" to get a resolution.
That was a clear sign that officials had not broken a stalemate with Russia and China, which oppose putting the resolution under Chapter 7 of the U.N. Charter, thereby making it legally binding and opening the possibility of sanctions and even military action.
"They have not yet reached full agreement, especially China and Russia have not yet accepted the possibility of a general reference to a Chapter 7 resolution," Steinmeier said. "But it's not something they have excluded at this point in time."
China urged flexibility in reaching a negotiated settlement, rejecting the "threat of force."
"The Iran nuclear dispute is at a crucial junction. We hope relevant sides can show flexibility, restraint and calmness in order to create favorable conditions for the resumption of talks," Foreign Ministry spokesman Liu Jianchao said Tuesday.
Political directors from the five countries met again Tuesday in New York, trying to bridge the gap over the best way to send a message to Iran that its pursuit of uranium enrichment must be suspended to allay international concerns that it is pursuing nuclear weapons.
Iran contends it has the right to process uranium as fuel in nuclear reactors to generate electricity.
In the letter, Ahmadinejad says that people around the world have lost faith in international institutions and questions whether the Bush administration has covered up some evidence surrounding the Sept. 11 attacks.
Liberalism and Western-style democracy "have not been able to help realize the ideals of humanity," according to the letter, which was obtained by The Associated Press late Monday from diplomats who declined to be identified because the text had not formally been made public.
"Today these two concepts have failed. Those with insight can already hear the sounds of the shattering and fall of the ideology and thoughts of the liberal democratic systems," it read.
Ahmadinejad also suggests that Mr. Bush should look inward, saying hatred is increasing worldwide of the United States, and history shows how "repressive and cruel governments do not survive."
"How much longer will the blood of the innocent men, women and children be spilled on the streets, and people's houses destroyed over their heads? Are you pleased with the current condition of the world? Do you think present policies can continue?" the letter read.
The letter was the first from an Iranian head of state to an American president in 27 years, CBS News correspondent Elizabeth Palmer reports, and could signal a demand that Ahmadinejad be treated as an equal negotiating partner in any bid to untangle the international dispute.
Diplomatic sources say that although Ahmadinejad doesn't always speak for the real power in Iran, that is, the religious authorities, he will be speaking on the nuclear issue with the backing of the supreme leader, Ayatolla Ali Khameini, adds Palmer (audio).
URGENT : USD/CAD
Do you guy think it will stay below the 1.1000 barrier and go to next support at 1.0825??
Or will it go up?
http://www.dailyfx.com/story/dailyfx_reports/daily_technicals/Anti_US_Dollar_Correction_114717047476...
I see a little pennant on the 15 min USD/CAD.
This baby looks like it is going up from 1.1014!
Finally ... I did not put a stop loss on this one ... almost lost my shirt.
It is Ataglances' fault ... he does not put stop losses so I figured I would give it a try .. had a mini heart attack but in the end I "think" it will work out well .. we shall see for tomorrow.
I believe there will be good news for the USD tomorrow.
http://www.investopedia.com/terms/p/pennant.asp
USD/CAD getting pounded like there is no tomorrow!
French names are selling.
Damn the French!!!
Ya it dropped like a rock and then took off like a rocket!
Do you think the anti USD sentiment will continue? USD/JPY is goin up!
DEADSVILLE! no reaction!
Totally sucks .. the one time i am sitting in front of the monitor with no interruptions and nothing!!
5/8 2301 UK BRC retail sales monitor Apr n/a n/a
5/8 2301 UK Land Registry home prices YoY 1Q 4.60% n/a
Trading this news .. lets see how it goes!!
God GBP/USD makes me fracking nervous all the time ... moves on a dime .. I gotta be quick to cancel the other order and/or take profit.
Laterz!
I have never seen someone more annoying than you wally. You say the same sh-t time and time again. Sell your shares and leave, simple as that. A whining baby does not act in the manner that you do. This is the pinkies and things work differently here ... investors like you are not wanted ... however high risk/reard gamblers are.
Don't EXPECT things from people and companies.
It does not work that way here.
So let me see your back going out the door.
Trading news if VERY profitable when it wants to be ... sometimes news gets released and it fizzles after 20 pips. You win some you lose some! But my problem is that you have to be awake and in front of computer concentrating on the trade ... Most times I cannot do all 3 at once!
Trading at work from 8am - lunchtime is almost impossible with all the coworkers around. I get so pissed off when I KNOW the news will make it POP and I can't enter a trade because of the damn dayjob!
But then again if I did not have the dayjob I would be begging in the streets for some pips
Trading news is great but you have to be there at the moment the news gets released!
Cheers!
With a "one cancels the other" you cannot have 2 stop losses. You need 2 limits and 2 stop losses. Can't be done with 1 order. you need to babysit it to calcel the other one manually once the trend is known.
I am with forex.crap ... does FXCM have a way to define 2 limits and 2 stop losses in one order?
Easy!
2 minutes before news setup a sell and a buy 10 pips above/below the realtime price. If it tumbles down .... give it 2 minutes then cancel your buy and ride the sell. If it goes up do the inverse.
Be careful of the head fake! Wait 2 minutes or whatever you think is a good time period before you cancel your OTHER order.
Of course you ALWAYS have to put a stop loss on both. I usually put a 30 pip stop loss just incase the head fake is dramatic.
You absolutely need to babysit the news release so you can cancel your OTHER order.
Works like a charm every time.
Amen to that!
OT: What we didn't know was the real financials of the company .. they were making ALOT of revenues for a company that size but the board of directors BLATANTLY STOLE money from the company.
The only thing that the shareholders can do now is go with the class action suit and get the liability insurance money and go after the crooked officers.
Ya dude .. lost alot of $$$ on that .. now it is over .. big risk big reward .. you know how it goes. I really sucks how corrupt the CEO was .. unbelievable what he did!
I use forex.com
Alright kids that is enough! As Moderator I am obliged to delete messages that are personal attacks. Are you going to behave? .. please
I HATE censorship ... everybody is entitled to their own opinion but I am going to have to start deleting personal attacks.
Have a nice day and play nice.
I am no guru by a longshot.
New York Board of Trade seems to have what you are loooking for.
http://www.nybot.com/
http://www.nybot.com/productPages/currency/indexcurrency.asp
Thank you very much! Very nice!!!
China surprises; raises interest
China
In a surprise move to slow down unprecedented economic growth, China's central bank this morning raised interest rates for the first time in 14 months to 5.85% from 5.58%. The action by the Bank is in response to an economy that grew in the first quarter by an amazing 10.2% after expanding by 9.9% last quarter of 2005. The rate is the minimum that the Bank must charge on a one year loan and is designed to ease not only economic growth, but inflationary pressures that are building throughout the country. With a huge surplus of U.S. cash, the central bank did not want any more foreign capital flowing into the country than is already making it way in through the tremendous trade surplus China enjoys, thus they left saving rates alone at 2.25% so as not to induce more foreign capital to come into the country. As can be expected, the system of fixing rates is all done by the central government with little power in the hands of individual banks. Investment in China continues to spiral higher because of the money that rolls in from its ever growing trade surplus which tripled last year to $102 billion. The last rate raise 14 months ago was for exactly the same reason, but had little or no affect on slowing down China's hot economy. Most analysts believe that the only way China is going to moderate export growth is by raising the value of the Yuan which is tied by a fixed rate to the USD. At this point, China is reluctant to do so, however the immediate impact of tighter credit did send commodity prices lower as the raising of rates could have a short term affect on the commodity markets as demand lessens on the higher cost of funds to finance. It is a delicate balance for the Chinese who are watching the unprecedented growth and are afraid that any real lid put on the economy like revaluing the Yuan higher could put also put a lid on export growth and cause wide spread unemployment. This may be a temporary measure for internal controls of growth, but it will do nothing to satisfy the U.S. who are looking for China to significantly raise the value of their currency to curb cheap imports that continue to flow to the U.S. in record numbers.
What are the Global Imbalances?
I.J. Macfarlane
Governor
Talk to Economic Society of Australia Dinner
Melbourne - 28 September 2005
1. Why did the US current account deficit start to widen sharply after 1997, reach such a high percentage of GDP, and yet has been relatively easily financed?
2. Why has Asia run such large current account surpluses and built up such a high level of international reserves?
3. Why did the world's central banks push short-term interest rates to their lowest level for a century, and why has this apparently easy monetary policy not led to an appreciable pick-up in inflation?
4. Why have bond yields been so low, and why have they stayed low even when short-term interest rates have been raised?
5. Against this background of wide payments imbalances, why have the margins for risk in corporate and emerging market debt been so exceptionally low?
http://www.rba.gov.au/Speeches/2005/sp_gov_280905.html
USD/JPY Daily Chart from BABYPIPS.COM - Monday, April 24
http://www.babypips.com/forex-analysis/forex-chart-analysis.html
Wow! This pair looked like it just dropped of a cliff. The previous support of 115.50 along with its purple 200 SMA failed to hold as support. It’s looking for bearish. If you look at Stochastic, it’s showing us this pair is “oversold” and is actually “turning over” with its lines crossing over. I’m looking for a slight upward correction, probably retesting its old support, before the pair resumes it move down. Thankfully my trade didn’t trigger last night as I was wrong.
This pair could also experience a huge rally due to fundamental factors. Asian countries hate it when the dollar weakens against their local currencies because that means their goods become more expensive and foreign countries like the US will buy less. Asian countries also compete against each other so if the yen strengthens against the dollar, the US importers will buy from another Asian country where the dollar is stronger. Japan, off course, doesn’t like this, so they will purposely keep their currency weak in order to compete with the other countries. From what I’ve read, 15.00 is an important level because anything lower than that, then the Japanese exporters start hurting. So we might see a comment or two in the near future from Japanese officials who will try to suppress this current appreciation. This is just one of many reasons why I discourage totally relying 100% on technical analysis.
It really is WAAAAAYYYYYY oversold on the daily.
What a battle this is shaping up to be!
The WWIII of Forex if I ever saw one!
Asia VS USA!
Who will win?
The USD REALLY needs to depriciate to get out of the debt situation they are in! Do you think the JAPS are gonna let them as they did in the 1980's ?
Stuffed again ... make that 8 times!