In our opinion the following forex trading positions are justified - summary:

• EUR/USD: Short positions (stop-loss order at 1.1667)
• GBP/USD: Short positions (stop-loss order at 1.5913)
• USD/JPY: none
• USD/CAD: Long positions (stop-loss order at 1.1706)
• USD/CHF: none
• AUD/USD: Short positions (stop-loss order at 0.8194)

Today’s alert is once again going to be very brief, as basically nothing changed on the currency markets yesterday. In yesterday’s alert we wrote the following:

“The situation on the currency market is developing precisely in tune with our expectations and basically, there’s not much that we can add to markets’ performance - yesterday’s price action served as a big confirmation of our previous analysis.”

There’s not much - if anything - that we can add to the above today simply because nothing changed.

We also wrote the following:

“The USD Index could pause here or very soon (and the same goes for the currency pairs involving the US currency), but we don’t think that this action will be anything more than a pause. Consequently, we think that all (profitable) positions that we described previously should be kept intact - we think it’s a good idea to let the profits grow and to endure the possible small correction.

We’ll have much more to say in Tuesday’s alert and that’s exactly what we plan to do. It’s scheduled for Tuesday as Monday is the Memorial Day, but we might be able to post it earlier (we can’t promise that, though).”

The above remains up-to-date - yesterday’s session so far confirmed that there will be not much to comment on until the end of the week. Again - there is not much to say today and it doesn’t seem that there would be much to say tomorrow either. The stop-loss levels from yesterday’s alert remain up-to-date.

As we wrote yesterday, there will be no alert tomorrow due to your Editor’s travel plans - thank you for understanding. We’ll have much more to say in Tuesday’s alert and that’s exactly what we plan to do. It’s scheduled for Tuesday as Monday is the Memorial Day, but we might be able to post it earlier (we can’t promise that, though).

Thank you.

Nadia Simmons
Forex & Oil Trading Strategist
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