Currency Forecast, August 19th 2013

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Currency Forecast, August 19th 2013
Currency Forecast, August 19th 2013

Currency Forecast, August 19th 2013

A bit of a correction in the EURUSD and Gold over the last 48 hours, but we are still in the range and I expect a stronger USD again soon. It was good to close the USDJPY position and should we see a level of 97,00 I like to open a long position again.

I closed the EURCHF position, which I only liked to have for a short period and I also increased the Gold position to 3k ounces. Interest rates move higher and so does Gold and this can’t be correct.

The next 48 hours will be important, if we stay in the range or not. If we do, then there should be a big correction to the downside in the EURUSD and Gold.

The end of august gets closer and closer and that’s why the liquidity and also the number of bigger market moves will increase, as a lot of traders come back from their vacations. Also, the elections in Germany get closer and the result could have a big impact on the fx-market.

If you like to trade a binary option now, I would trade a small amount and sell a 2wk 1,3420 or 3wk 1,3450 strike in EURUSD and wait for the move lower in spot and close it then again, when we see 1,3200-1,3230.

Good luck,

**relatedarticle**

Current trades, positions and levels:

For info how the model works: The P/L is always calculated with the size of 1. So if the position is 1 and it makes a profit of 100 pips, the P/L would be +100 pips. If the position is 2 and it makes a profit of 100 pips, the P/L would be +200 pips of course – it is always calculated with the position size of 1. The position could go up to 3, in case the system has a strong view.

Current spot: EURUSD 1,3325 , USDCHF 0,9275 , EURCHF 1,2360 , USDJPY 97,65 , EURJPY 130,15 , EURHUF 300,10 , USDCAD 1,0325 , GOLD 1.373,00

EURUSD  

(Entry lvl):

Current position: Short 3 @ 1,3150

Target:

Stop lvl:

Last trade:

P/L (ytd): -110 pips

USDJPY

(Entry lvl):  Buy 2 mio @ 97,00

Current position: flat

Target:

Stop lvl:

Last trade:

P/L (ytd): +1420 pips

EURJPY

(Entry lvl):

Current position: Short 1 @ 130,45

Target:

Stop lvl:

Last trade:

P/L (ytd): +430 pips

USDCHF  

(Entry lvl):

Current position: Long 3 @ 0,9366

Target:

Stop lvl:

Last trade:

P/L (ytd): +440 pips

EURCHF

(Entry lvl):

Current position: Flat

Target:

Stop lvl:

Last trade: Bought 2 @ 1,2360

P/L (ytd): +130 pips

EURHUF  

(Entry lvl):

Current position: Short 2 @ 299,90

Target:

Stop lvl:

Last trade:

P/L (ytd): +1560 pips

USDCAD  

(Entry lvl):

Current position: flat Target:

Stop lvl:

Last trade:

P/L (ytd): +240 pips

XAUUSD (Gold)  

(Entry lvl):

Current position: short 3k ounces @ 1343,00

Target:

Stop lvl:

Last trade: Sold 1k ounces @ 1370,00

P/L (ytd): +118.000 USD

To contact the reporter of this story: Marco Romer at marco@forexminute.com