Forex Trading http://currency-trading.ch/forex Just another WordPress weblog Wed, 19 May 2010 07:57:02 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Forex. Moring Update http://currency-trading.ch/forex/forex-moring-update/ http://currency-trading.ch/forex/forex-moring-update/#comments Wed, 19 May 2010 07:55:37 +0000 admin http://currency-trading.ch/forex/?p=4 EUR/USD is still vulnerable to the downside even in the short term, and we look for it to make a renewed challenge on the 17 May low of 1.2235 in the coming days with extension to 1.1825 Elliott wave projection from the move starting December 2009.

Medium term (beyond 1 month)

  • We retain our stance of being more bearish than consensus on EUR, now targeting 1.15 by year-end 2010 against the USD, and 0.8000 against GBP.
  • It may be a little early to re-enter (see above), but the expected short-term retreat in AUD/JPY and NZD/JPY will soon provide good opportunities for medium-term upside plays.
  • Alternatively, one might try to side-step the vagaries of commodity markets by going long CAD/NOK, capitalising on Canada’s healthier neighbour and larger rate hikes.
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