The London Open - page 132
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USDJPY - Wednesday 4th February
Good morning all..
USDJPY did the business for us yesterday p.m whilst falling, then whilst recovering we took a cheeky one through the 60m sma at 128.00 on GBPJPY after the room closed, so it turned-out nice again.
USDJPY is actually looking quite attractive on a 5m chart but the longer term still telling me to leave this pair alone for the minute.
IF she can break the weekly pivot at 89.70 there may be opportunity but with the daily 20ema just above I want some nice move prior to taking a position.
IF she breaks the daily pivot at 89.30 I'm going short with a stop at .70 targeting yesterday's session lows.
EURJPY also looking strong after the break of the 4hr 20ema at 115.50 yesterday. This was the key level as given in the notes and now this trades 150 pips higher. I think this needs to pull back and with USDJPY not convincing me of an immediate push-up I will be watching for the moment to see what happens.
Should it eventually push up then I'd expect it to go 118.00
GBPJPY looks like a double-top so waiting for a pullback to 60m 20ema at 128.50 before considering a long position.
Summary........
With USDJPY recovering from yesterdays lows unless a big push past WP this could possibly bounce straight off and fall through the daily pivot.
Can not short GBPJPY or EURJPY but this one through the 89.30 is the one for me.
Have a good session.
Zak
Morning all
Will be posting morning reports here but all our trading ideas and other posts will be at
fx500clubblog . com
Speak later
D
Hi all
After a quiet start everything kicked off with EURUSD breaking the 4hr 20ma and that prompted the EUR weakness across the currencies.
Only traded up to lunch and Shireen (Just started with me) made 100 in EURGBP, 100 in EURUSD, 100 in EURGBP...Unfortunately lost 45 in AUDUSD but overall happy with todays performance. Didnt take USDCAD as had to rush out.
I am showing charts on fx500clubblog . com for trade ideas throughout the day..Worth a look if u get a chance.
Well done team and see you tom.
D
PS Think i have found a new home...Lovely jubbly!!!
Morning Trade - Thursday 5th February
Good morning
Its Interest Rate day for UK and EUROPE so be prepared for potentially a quiet morning.
CABLE – Boxed between the 4hr 20ma and MP on 60min chart. Resistance at 1.4470 on 15min chart. With Interest Rates out at midday and with a potential 50bps cut I am a little unsure the direction GBP will go this am. A break below the 4hr 20ma at 1.4360 would see a close to the 4hr 50ma.
EURUSD – Rates expected to stay at 2.00% at 12.45pm today. The 60min chart has all MA´s above suggesting weakness is flowing back into the EUR. A break below 1.2800 should signal further weakness.
EURGBP – Great trade yesterday for 100 piparoonies! Yesterdays low hasn’t broken but an ascending triangle has formed on the 60min chart. Any break above the 60min 20mas should close back to the DP at 0.8935. (Need CABLE to weaken). Otherwise, for what ever reason CABLE holds and strengthens with Interest Rates being cut then EURGBP will continue to fall.
USDCAD – Looks weak again on the 60min chart with lower highs taking place, however the MP and WP is just below at 1.2268 and 1.2238 respectively. A lot depends on what the USD does against GBP today. If GBPJPY finds support and drags CABLE up then USDCAD will drift off. The 15min chart suggests weakness so keep an eye on the USD across the board.
AUDUSD – A 60min triangle is forming. Quite a messy chart and wait for a break…
GOLD – The 60min chart suggests a box play with resistance at WP at $910.00…Support at the 4hr 50ma at $900.00… Look for break of these levels.
OIL – It looks all set to fall but volatility has dried up completely for the black stuff. Look for a break below $43.00 for a move to the $40.00 level and below.
See you at 7.00am.
Dan
JPY Desk - Thursday 5th February
Good morning all.
I trust you are all well and having fun.
Yesterday was a good day with pips appearing out of the woodwork from all angles.
GBPCHF was a naughty one shortly after the US session, so please don't tell Dan. He'll go nuts and steal my pips!!
Actually, it was good to see that quite a few of you took that trade, so well done.
On to today, I have a cold coming so my judgement might be a little cloudy but EURJPY is the one humming to me. A break below 114.30 is what I am looking for.
GBPJPY is also looking promising but to the upside. Today could be the monster push-up through the monthly pivot day IF USDJPY could pulls its finger out a little.
The 4hr 20 is close to crossing the daily 20 and with cable all set to take-on (in my humble opinion) 1.6000 if the interest rate cut surprises.
Finally, USDJPY looks likely, as per, to do nothing UNLESS it can break weekly pivot at 89.65.
To summarize......
be careful with GBPJPY around these interest rate numbers. Could be very jumpy this morning but sterling still looking pretty strong in the immediate short term so long positions favoured.
IF cable punches through the monthly pivot at 1.4470 GBPJPY will put a big hole in the 130.00 level.
Not expecting too much action prior to the numbers but lets have a little look anyway.
Will keep you posted as the axion unfolds.
Zak
Hi
How did u all get on today...?
Momentum all changed when DOW turned off the figure...
See u at 7.00am
D
Hi all
Trust you had a good week...
USDCAD only trade for me today due to non farm...On blog at fx500clubblog
See u monday and enjoy the rugby...Come on England!!!
D
Hi
I can feel the excitement building already...
Heading down the Irish bar for some banter!!!
See u monday.
D
Morning Trade - Monday 9th February
Good morning
Wales and Ireland looked very strong on Saturday… Probably best not to wear a white shirt in Cardiff next weekend!!!
Asia had a lot of fun over night and the JPY´s closed their respective gaps from the 60min 20ma down to the 50ma. The questions lie will they bounce and give GBP support or not. Let’s zone into USDJPY and GBPJPY this am for direction in this market.
CABLE – Boxed between the 60min 20ma and 50ma. There is a lot of support below with the WP, MP DAILY 20ma etc. Any selling opportunities will be short lived with small gaps between the MA´s and pivots. Won´t be looking for a long play unless USDJPY bounces with GBPJPY and CABLE breaks back above the 15min 50ma at 1.4800.
EURUSD – 60min triangle has formed. The 15min chart suggests a pullback. The price has broken the 60min 20ma at 1.2920 and is now supported at the 4hr 20ma at 1.2875. Look for a break here for a move to the 60min 50ma at 1.2850. A break below the 60min 50ma would signal that the downtrend is back on.
EURGBP – A lot depends on GBPJPY and CABLE this am for the direction in GBP. Any further weakness would suggest EURGBP to hold this level however with so mush support below EURGBP looks set to weaken if GBP can hold these levels. The 60min chart suggests a downtrend and look for selling opportunities below the DP at 0.8730.
USDCAD – The price is now below the MP and WP. Look at these levels for resistance as a 123 is building. The USDCAD chart has been very messy. Look for the 4hr 20ma at 1.2300 to hold as the resistance.
AUDUSD – Broken the MP at 0.6662 and now boxed between the MP and WP at 0.6590. The price is below the 60min 20ma which suggests further weakness for now. Only look for a long with a break back above the 60min 20ma and in this case above the 15min 50ma.
GOLD – 60min chart suggests a box between the 4hr 50ma at $903.00 and the 4hr 20ma. Look for a break only on the upside above the 60min 50ma at $912.00.
With Asia having so much fun I feel we need to wait for solid breaks to show us the direction. Remember to Zone into the JPY’s to help us.
Dan
JPY Desk - Monday 9th February
Good Morning all.
I hope you've had a great weekend.
Mine was a bit cold. Brand new lovely house overlooking the Mediterranean sea and mountains with a view of Gib & Africa, and guess what??......
NO ELECTRICITY !!!
Things can only get better I guess, so lets try to get off to a positive start now I have de-frosted somewhat....
USDJPY-After a bad NFP figure this pair rallied nicely but has given-up a good chunk of those gains and is now looking vunerable and likely to fall through the 60m 50sma and weekly pivot at 91.00.
Not a lot of downside potential with my 4hr ma's looming so personally no looking for a position.
EURJPY-Same story as above really. Finding some support off 117.00-117.50 region and quite difficult to gauge direction at the moment.
A break of 116.50 could see this lower whilst 119.00 is a good upside level. Stuck right in the middle at the moment it's very difficult and we need to sit and watch what USDJPY does before pouncing.
GBPJPY-Again, boxed in between 60m 20&50 and needing a break of either to give us a clue of what happens next. Resistance is at 135.50 and support at 133.50.
Summary......
Keep your money in your pockets for the time-being. Opportunity will come but with Asia having a ball they've spoiled the fun for us (for the time-being)
I will keep you posted to any developments.
Have a good day.
Zak