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The market as a whole continues to be more and more concerned with short term forecasts. We have seen even retail investors reduce their overall time horizon. Whether that be from need or a shift in perspective is debatable but either way we continue to see a market that is hyper focused on each micro report and or event, at least in the moment. Then only to be quickly pushed aside as soon as the next “data point” comes out. This does not bode well for the longer term health of the market as it tends to lead to everyone running for the exits at the same time.
EUR/USD:
I continue to be a buyer of weakness in this pair. This week I am looking at buys below the 1.34 handle.
GBP/USD:
I am looking for a spike to and through the 1.56 level…once we see that I will begin to scale into shorts.
USD/CHF:
I am once again selling this pair north of 1.07.
USD/JPY:
This pair is a sell north of 93.00 this week. I am looking for a move back towards 91.00 by end of the month.
USD/CAD:
I am a cautious buyer of dips near the .99 level.
AUD/USD:
I continue to see risk outweighing reward in this pair and will continue to stand aside until that changes.
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This entry was posted on Wednesday, April 21st, 2010 at 2:16 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.