This account is up significantly now.
September 15th 2014 This is the week of the Scottish referendum and considering the downside risks I actually think markets have not sold off enough. Certainly looking at last week’s weekly Hammer Candlestick I would normally be quite keen to buy GBPUSD given the oversold nature of this market however Thursday vote could ruin your whole month if you are on the wrong side of the market and so it’s not worth it. I am standing aside. There’s plenty going on elsewhere and I’ve sold EURJPY this morning.
EURUSD – Not quite a weekly Hammer Candlestick but pretty close. This market is similar to Cable and quite oversold. Last week’s high comes in around 1.2979 and a higher high this week could set us up for a continuation higher in the coming weeks. EURUSD will not be immune to a Scotland YES vote but it is a little safer.
EURJPY – I have sold this pair today. The Yen weakening has been aggressive and we find ourselves simultaneously stalling out at resistance from July levels, while also coming off overbought daily studies. Friday’s candle has been aggressively eclipsed by a significantly lower low already this week.
Gold – Has broken out of its wedge formation and continues lower. Weekly resistance comes in at $1274 whereas a break of last week’s low at $1225 would set us up for further weaken ahead and is tied into the Dollar strength story.
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