AUDUSD

The AUDUSD pin bar setup I had discussed in yesterday's weekly forex commentary came off, pretty much selling from the market open throughout the day, losing about 85pips in the process.  Accompanying this signal was a combo pin bar/engulfing bar on the 4hr time frame which was a rejection rejection off the key…

    GU - Could It .......... Will find out

GBPUSD: Having continued to rally, closing strongly higher the past and following through higher during Monday trading session, further upside offensive is likely in the days ahead. This will leave the pair targeting the 1.6280/1.6300 levels with a violation of here opening the door for a run at the 1.6350 level A cut through here will allow for more gains towards the 1.6400 level. Its daily RSI is bullish and pointing higher supporting this view. On the other hand, support comes in at the…

JP Morgan - J.P. Morgan forecasts: rates, credit, equities & commodities…

Westpac - "AUD/USD: Bulls should remain in control multi-day/week given the ECB backstop, Fed QE3 and stabilization in iron ore prices, targeting 1.0650/1.07. It is hard to call higher levels however, given long spec positioning, the ongoing risk of RBA easing as soon as 1 Oct and ongoing deceleration in key Asian export destinations."

RBS - FX Forecasts

The pair is currently @ 0.9729.  We could resume the down move here but we are seeing hints of a deeper correction since the DAX ( US Dollar index) is still showing bulls have it.   2 Scenarios – 1) short from here for the  continuation to the 5^th wave S6 target @ 0.9625 or 2) wait for a higher move to the 0.9779 and look for the same down target.  The Average Daily Trading Range (ATR) for the pair is 59 pips.…

EUR/USD is trading above 1.31, consolidating the huge gains made in the previous week. The ECB clarified that it is ready to use the OMT, and that it wan’t only a “bazooka”. Spain is still enjoying lower yields. Will it ask for an aid request only when the markets turn against it? Spain will test the markets later on in the week. Regarding Greece, there’s a bit more hope that some deal for…

You’ve heard of the South Sea Bubble, Tulip Mania, more recently the Dot Com Bubble the Housing Bubble, you’ve even heard of Micheal…

National Bank of Australia - Key Trade Ideas:
We have closed our long EUR/GBP position recommended at 0.7905 when it
reached 0.8050. We’d look to buy this cross again at 0.8005.
We remain long EUR/CHF from 1.2030 and now target a move to 1.30 by year end as EUR tail risk falls substantially.
Our short AUD/NZD view from 1.30 remains, with 1.22 an end 2012 target.

Market are consolidating today. Aussie is dropping a bit and Loonie is going up. Not an entire surprise, by the way.

Well, euro and cable are stuck in a narrow range.

I put a market profile indicator on a 5min cable chart and that it is what it looks like:

There…

EURJPY- Though seen hesitating in early trading today, the cross remains biased to the upside having closed higher the past week, opening the door for more gains. Further out, resistance resides at the 103.36 level where a break will aim at the 104.00 level. Its weekly RSI is bullish and pointing higher suggesting further strength. The alternative scenario will be for the cross to return to the 101.59 level followed by the 99.16 level where a reversal of roles as support is likely to occur.…

I have been involved in FX markets in one form or another for 25 years and believe myself to have seen most things that can occur. 

For example I was in charge of the overnight desk at a major trading bank the night that sterling left the ERM! That is the single most incredible market move I have ever seen.

I have executed billion dollar orders manually and seen stop losses get chased by traders because they see that as a legitimate market practice.

In this business you…

With a strong run in risk-appetite fueled by the Federal Reserve's indication of a third round of monetary easing, the US dollar lost heavily against the Euro in the previous European trading session. The Eurogroup meeting in Cyprus last week also supported the single currency as speculations grew that Spain would already be asking for financial assistance and that Greece would be granted more time to meet its targets. Given these factors, the demand for riskier assets is likely to rise,…

UBS - EURUSD BULLISH The pair continues to extend its strength. Resistance is at 1.3284, a break above would extend gains to 1.3386. Support lies at 1.2980.