Thursday, January 11, 2007

Forex - Update

Hello Traders,

EUR-USD - unfortunately counter-trend position was not profitable today ( thanks that sl was lower :) ). ECB propably will not rate hike on February, so that was main reason ( + good US data ) why we are below 1,29 at this moment. But please remember tommorow important us data + possible profit taking ahead of the weekend, also combination 100dma and 200 dma ( 1,2865-75 ) could suggest that smal rebound is possible. Be careful tommorow and if daily close will be below 1,2865 we should have opent the way towards 1,2740.

GBP-USD - after BOE rate hike we saw strong rally twds 1,9535, after ECB and US data market pushed back GBP twds 1,94 level. Now important will be where we will close today, if above 1,9450 we will have another chance for GBP rally, below this level bears propably will try to take their chance. Support 1,9380 then 1,9350.

JPY - strong sell-off during first part of the day. During US session we have some consolidation even JPY looks stronger. Next few hours should show us where JPY will close this week.

AUD-USD - interesting situation after 0,7850, sttrong back twds 0,78, i will try to use 0,7830-50 to build short positions,

good luck

Piotr

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