Forex Market Pushing

These markets continue to push on the back of the FOMC announcement to print more money until the printing press breaks. That admission sent the Dollar into a tail spin and we are still trying to find support in the Dollar. We expect that we will see a bounce in the Dollar this week. The FOMC will move from one crisis to the next if they are not careful. They are trying to shore up the markets but in doing so are destroying the Dollar. So our markets may get fixed but the Dollars we still use will be all but worthless.

EUR/USD

This pair has seen a nice rally through 1.37. We could see moves to the 1.40 before the next turn. We expect to see a near term top put in this week and a pullback into the low 1.30’s from there.

GBP/USD

This pair has also extended the rally a bit more than expected. We are seeing strong resistance near the 1.47 level and are sellers at or near that point.

USD/CHF

This pair did fall much lower after the perfectly engineered short squeeze I mentioned in last week’s issue. We are now buyers of dips near the 1.12 level.

USD/JPY

This pair has seen some wild volatility within its well established range. We are still expecting this pair to grind lower and are sellers of major rallies near the 97 level. We are looking for this pair to move back towards the lower 90’s by the end of April.

AUD/USD

This pair is also still trying to hang onto its rally. We suspect this too is turning and are now selling near the 70 level.

USD/CAD

This pair is poised for another wild week. We are buyers near the 1.23 level and sellers above 1.25.

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This entry was posted on Monday, March 23rd, 2009 at 5:14 pm and is filed under Forex Market Updates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.