Dear Traders and Investors
- This thread will be updated daily 2 hours before London open
- It will calculate and sum up status for project 500 pips a month which we are running among clients
- If you are our clients and would need to read review and analysis kindly click Daily review before London open for myfxpedia's Investors
- If you are clients and have any question , please contact myfxpedia support staft
- If you are guest and would love to have question, please register and place your question in myfxpedia
Thank you and as always
Happy Trading,
Today analysis:
The market in the US is currently like a jigsaw puzzle, especially when came a person of high calibre like Ben Bernanke talks about fiscal cliff. From his speech yesterday there was no really new thing that we already know about. What we were looking for in his speech were to find out as is there any hint of an expansion for the open end of asset purchase program. That is any hint of similarity to the potential upcoming Japan Government and that is willing to assassinate the USD.
The moment that Bernanke mention “fiscal cliff” the market started to get nervous and as he reiterated “fiscal cliff poses substantial threat to the economy and could cause recession”. As soon as that statement came out of his mouth the Dow Jones immediately tanked 80 points. Good on you Mr. Chairman, you are truly a scaremonger.
Add on to the nervousness was the statement from the investment Bank Morgan Stanley that warned of the economy that is literally stuck in the “twilight zone” of sluggish quarter in 2013 and if the law makers fail to act it could get worse. What’s more? They, the Morgan Stanley’s economic team even gave a forecast of full blow recession sometime next year. Another scaremonger I suppose.
Going to the Euro, the debt ridden groups, we also had another blow to one of its member from the rating agency, Moody. They had now cut France, the third biggest economy in the Euro group, by one notch to AAa and affirmed that the outlook for France remains negative.
Well, as we can see there are negativities everywhere and as I said many times over the past few weeks, we are in a period of uncertainty and difficult trading conditions for the last month or so. Yet, this period of head scratching, head banging will not going away anytime soon because we are now heading to the festive season and as day go by the volumes of traders in the market will substantially drop and since there is not many bidders/sellers around we will see the spike in prices either way and expansion of spreads. Just be careful and do not overly expose and make sure use wider stop(avoid being hunt) with smaller lot size but stick to same your personal risk percentage that you are comfortable.
Impact News today:
04:30 am (NY) GBP – MPC Meeting Minutes; Public Sector Net Borrowing
08:30 am (NY) USD – Unemployment Claims
08:45 pm (NY) CNY – HSBC Flash Manufacturing PMI.
Technical analysis:
We are still holding Long GBPUSD. We went short AUDUSD 2 days ago and although prices has not came as low as the prices that we targeted 1.0340. but since market condition change we did closed out with profit. We will wait for better set up to rejoin this pair.
Today I want to bring your attention to GBPJPY. Among the Yen pair I think this pair provide a better opportunity. Keep in mind, the potential upcoming Japanese Government is willing to kill the Yen so in the medium term the Yen pairs could still going up. See chart below.
GBPJPY – daily
GBPJPY - H4
[/color]
The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite.
- This thread will be updated daily 2 hours before London open
- It will calculate and sum up status for project 500 pips a month which we are running among clients
- If you are our clients and would need to read review and analysis kindly click Daily review before London open for myfxpedia's Investors
- If you are clients and have any question , please contact myfxpedia support staft
- If you are guest and would love to have question, please register and place your question in myfxpedia
Thank you and as always
Happy Trading,
Today analysis:
The market in the US is currently like a jigsaw puzzle, especially when came a person of high calibre like Ben Bernanke talks about fiscal cliff. From his speech yesterday there was no really new thing that we already know about. What we were looking for in his speech were to find out as is there any hint of an expansion for the open end of asset purchase program. That is any hint of similarity to the potential upcoming Japan Government and that is willing to assassinate the USD.
The moment that Bernanke mention “fiscal cliff” the market started to get nervous and as he reiterated “fiscal cliff poses substantial threat to the economy and could cause recession”. As soon as that statement came out of his mouth the Dow Jones immediately tanked 80 points. Good on you Mr. Chairman, you are truly a scaremonger.
Add on to the nervousness was the statement from the investment Bank Morgan Stanley that warned of the economy that is literally stuck in the “twilight zone” of sluggish quarter in 2013 and if the law makers fail to act it could get worse. What’s more? They, the Morgan Stanley’s economic team even gave a forecast of full blow recession sometime next year. Another scaremonger I suppose.
Going to the Euro, the debt ridden groups, we also had another blow to one of its member from the rating agency, Moody. They had now cut France, the third biggest economy in the Euro group, by one notch to AAa and affirmed that the outlook for France remains negative.
Well, as we can see there are negativities everywhere and as I said many times over the past few weeks, we are in a period of uncertainty and difficult trading conditions for the last month or so. Yet, this period of head scratching, head banging will not going away anytime soon because we are now heading to the festive season and as day go by the volumes of traders in the market will substantially drop and since there is not many bidders/sellers around we will see the spike in prices either way and expansion of spreads. Just be careful and do not overly expose and make sure use wider stop(avoid being hunt) with smaller lot size but stick to same your personal risk percentage that you are comfortable.
Impact News today:
04:30 am (NY) GBP – MPC Meeting Minutes; Public Sector Net Borrowing
08:30 am (NY) USD – Unemployment Claims
08:45 pm (NY) CNY – HSBC Flash Manufacturing PMI.
Technical analysis:
We are still holding Long GBPUSD. We went short AUDUSD 2 days ago and although prices has not came as low as the prices that we targeted 1.0340. but since market condition change we did closed out with profit. We will wait for better set up to rejoin this pair.
Today I want to bring your attention to GBPJPY. Among the Yen pair I think this pair provide a better opportunity. Keep in mind, the potential upcoming Japanese Government is willing to kill the Yen so in the medium term the Yen pairs could still going up. See chart below.
GBPJPY – daily
GBPJPY - H4
[/color]
The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite.
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