Forex Daily Podcast

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Forex Daily Podcast - Thursday, February 2, 2006

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February 02, 2006 03:58 AM PST

Yesterday we were looking for a correction up on the EUR which would have been an impulsive move upwards. When that didn't materialize we knew quickly that we were looking at the wrong move and therefore needed to get to the sidelines and reevaluate. That's important part of trading if you get it wrong, reexamine and look for the next trade. We still continue to look for a stronger USD since the EUR/USD topped on Jan 24 and want our large trades to focus on this direction. Today should be a sideways day as people wait for tomorrow's announcements.

The EUR currently trades at 1.2060
The GBP has been stuck in a tighter range and currently trades at 1.7747
The CHF currently trades at 1.2904
The JPY should run to the 118.70 to 119 level before correcting it's most recent move up, The JPY currently trades at 118.55
The CAD has been moving against the strong USD trend and currently trades at 1.1425

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Podcast Summary

Our daily Forex podcast provides a roundup of the currencies and insight into the future. We discuss specific currencies as well as trading tactics and techniques to make your trades more successful. Brought to you by ElliottExchange at www.elliottexchange.com.