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MARKET REVIEW 14 JULY 2008

  • Its Monday again with Forex entering super slow motion. Last week we saw a decline in USD despite double good news on friday. It is what I call pushing the market. Someone or a group of people with lots of money is pushing the market opposite of the direction of economic news. This sometimes happens and there is nothing we little fish can do about it but there is a good news. No matter how much you push, it will eventually follow its direction. Forex is an economic instrument afterall. It is influence by supply and demand as well as speculators.

    Last week we saw Eur and Aud being the strogest of them all. As a result both has gain over Usd and Jpy making new high but the way I see it, it is a temporary move. The main move is for Usd and Jpy to go higher resulting a fall for Gbp, Eur and Aud being Gbp will be the most affected.

    So this week I will be looking to short all Gbp/Usd, Eur/Usd, Aud/Usd, Gbp/Jpy, Eur/Jpy and Aud/Jpy. The question remains is the entry point. From my currenty view entry would somewhere around last week high.

    Happy trading and remember to manage your risk at all time. If you are a scalper you may take entry on the downhill movement. As for me I will take top and bottom.

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