Good Afternoon All. Hopefully you avoided or got through NFP Friday unscathed. Usual silliness. The $ news was worse than expected yet went up for a while. With that out of the way we will hopefully see a resumption of some of the trends, for example the Euro/$. It never broke out of its daily channel and now looks as though it will resume its upward trend. Similarly the AUd & Chf appear to be going back into theirs.
I have placed some new channel lines on the daily $/Yen which looks as though it may be about to turn back down again and the Cad aided by threats of intervention from the Bank of Canada & worse than expected employment news, looks as though it may be about to start back up again.
There is a possible daily LMT signal at market open on the Cad but personally I will leave it alone. It is too near a recent high for me and has still not broken the 78.6% fib on the daily at 1.0800. Changes in direction take a while to develop and if you get in too early there is a danger of being taken out before the trend establishes itself.
On forex.com there is a possible $/Yen signal to short on the daily LMT (it depends on the trend indicator at market open- currently says up but it must be near to turning back down). I quite fancy the look of this pair, with or without the LMT as there is plenty of room for it to fall to recent lows and price closed below the major psychological area of 90.00 on Friday. One to watch at the market open.
Euro/Cad likely to fire as well but too near recent highs for me & finally Euro/Yen. Has room above but price closed below the 200ema on the 4 hour and the daily at Fridays market close.
If you do decide to take any you would be well advised to only take one Yen pair or one Cad pair or One Euro. That way if you do lose you don’t lose more than once.
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Regards, marc
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