Forex Daily Podcast

Friday was a crazy trading day, a real test of your emotions and trading strategy. The JPY gave us a nice trade for over 40 pips. We wanted to stay in it longer, but the market just doesn't seem finished with a weaker USD just yet. We are still waiting for the EUR to test the 1.2224 level. This should be major decision time. A significant break above will indicate a likely move to 1.2500-1.2600 levels. A failure to break this level indicates a likely move to 1.1650. Don't get too aggressive looking for reversals. The rise of the GBP above friday's high makes me think this up move is not over. The GBP and the EUR tend to move in sync. And from Elliott we know that wave 2 cannot extend further than the start of wave 1 so we are likely moving higher.

The EUR trades at 1.2188.
The GBP trades at 1.7572.
The CHF trades at 1.2895.

The JPY gave us a nice entry on Friday and may be looking for another one with 115.44 as the stop once the EUR tells us which way it is going to decide. The JPY currently trades at 116.08

The CAD looks like it wants to trace out a big flat here. It may turn down between 1.1640 and 1.1670. A rise above this likely targets 1.1800. A break below targets 1.1510/1.1470. The CAD currently trades at 1.1641.

Forex Currency trading is very risky, please read the disclaimer on our web site.
Visit us on the web at www.elliottexchange.com or at forex.podomatic.com. Good Luck and Good Trading