This is just a very quick note to let you know that nothing changed regarding the outlook for our positions in the currency market. The key currency - US Dollar moved lower yesterday (as measured by the USD Index and focusing on the closing prices), however, since there was no new intra-day low, there is really nothing bearish about this move. Consequently, there is nothing that changed regarding our individual trading positions.
If anything changes regarding our current positions or we think that opening additional ones is justified from the risk/reward perspective, we’ll let you know.
In our opinion the following forex trading positions are justified - summary:
- EUR/USD: short (stop-loss order at 1.1363; initial downside target at 1.0572)
- GBP/USD: none
- USD/JPY: none
- USD/CAD: none
- USD/CHF: long (stop-loss order at 0.9633; initial downside target at 1.0239)
- AUD/USD: none
Thank you.
Nadia Simmons
Forex & Oil Trading Strategist
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