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November 3rd 2014. Welcome to month two of Blackwave Ltd. Month one showed a 32% retrun! Also welcome to Movember. I am not inclined to grow a moustache for charity but my friend Fearghal is. If you would like to donate to men’s cancer the link is here along with a pic of the Fearghal face pre-moustache.
Anyway, there goes EURUSD. I’ve just sold some in the 1.2490’s with a sell stop order to sell more at 1.2480. It’s already been as low as 1.2438 today.
Now that EURUSD has taken out key support at 1.2499 this officially makes the most recent rally to 1.2887 the next lower top.
I’ve been pointing out the correlations between EURUSD and other pairs for some time so let’s now expect the following;
A further decline in Gold which has already broken key multi-year support at $1180
A rally in USDCHF to take out 0.9685 and continue higher, although this may get complicated due to EURCHF price action breaking 1.2045.
USDJPY A measured move to 115.00
NZDUSD a break of support at 0.7706 for a continuation lower.
Elsewhere, and after a huge outside day that set up the possibility of a weekly lower low USDRUB is moving higher again as the march of the greenback continues to put the Russian currency on the back foot. This along with the decline of the price of oil is surely putting the Russian economy under some strain at this point. Last week’s high at 43.75 remains the number to watch and a close above here cancels my short set-up.
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