, FTSE Falls after US GDP ,
US stocks remain anemic
Thanks to Yahoo Finance for these charts. It has been very interesting watching the reaction of the US stock market to this morning’s gdp release. So far they have not participated in the USD rout. Oil is back above 68, which I don't understand, considering that consumer spending was down more than double what was expected. The Pound has slapped the USD, taking to pair toa high 1.6732 so far. The high from June 29th is 1.6744 and will need to bested for the rally to continue
SNB may have little control now
All the talk in the world may not stop the CHF from taking flight today and beyond. They have done a great job of keeping the currency from getting out of control up to this point, with verbal intervention, and their entire goal may have been just what they did, hold off the currency’s strength for a later date, so that it just wasn't out of control now. With a close below the top support line the bottom line may come into focus. Trade idea short here, stop above 1.5252, targeting 1.5180.
GBPUSD Highly important
The USD Crush begins, will it last, USDJPY 79.4 points profit booked.
The USD may not be able to withstand the surge if folks start piling on USD shorts. Watch those "B" lines drawn below though. Breaks back against and through them will almost surely show that the USD crush was just a wave of last desperate pushes. I for one am willing to give this recent USD failure a wide berth. Even now the GBP has broken 1.6585 highs from the 23rd and is taking on 1.6600 with a break above that level. Today the USD falters hard. The good news is that the USDJPY short I had has filled profitably with 79.4 points in profit (past profits are not indicative of future gains). I entered the trade yesterday if you want to go see the details, I also want to short the USDCAD but can't see a reason yet.
The USD may not be able to withstand the surge if folks start piling on USD shorts. Watch those "B" lines drawn below though. Breaks back against and through them will almost surely show that the USD crush was just a wave of last desperate pushes. I for one am willing to give this recent USD failure a wide berth. Even now the GBP has broken 1.6585 highs from the 23rd and is taking on 1.6600 with a break above that level. Today the USD falters hard. The good news is that the USDJPY short I had has filled profitably with 79.4 points in profit (past profits are not indicative of future gains). I entered the trade yesterday if you want to go see the details, I also want to short the USDCAD but can't see a reason yet.
Although it was just my profit target,(past results are not indicative of future results) and is most likely going to get hit again, 135.16 was hit on volatility after the GDP release. Initially the USD caught a bid, but is now falling against the four majors and the USDCAD. It remains to be seen if this is knee jerk on the
If the FTSE is giving any indication that the recent rally was overdone, the us markets should open lower. I'll hit more details on the release later
forex sato
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