Currency Forecast, August 20th 2013

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Currency Forecast, August 20th 2013
Currency Forecast, August 20th 2013

Currency Forecast, August 20th 2013

Not much going on besides the JPY. We have seen a bit of a stronger YEN overnight and I took profit on the tiny EURJPY position @ 129,60. Also, the USDJPY gets closer to the entry level, where I like to get long on the USDJPY.

I would expect that we see today the EURUSD below the 1,3300 level soon and then test the 1,3270 level. If you have sold a binary option yesterday with a strike of 1,3420-1,3450 as I suggested, I would still sit on it and wait until we test the level below 1,3300. Then it is up to you, if you just close half of the position and wait for better levels or if you take profit on the whole position. I would close half of it and the rest I would close, if we trade close to the 1,3250 level.

EURCHF also moved quite a lot lower and I see it as a buy opportunity, should we trade around 1,2260-1,2280.

It also looks like that we have seen the high in Gold with the high around 1375,00. The gold price should decline too with a lower EURUSD.

EURHUF currently trades around the 300,00 level, which is ok for now and those who are also short positioned like me, earn the carry out of the swap every day and I expect EURHUF to move lower very soon too.

Today there are no important economy data numbers, which will be published and we have to wait for tomorrow for the FED-release minutes. So for today I expect a move lower in EURUSD, EURCHF and USDJPY to take out the stops on the downside, before we will see tomorrows direction after some numbers out and the FED-minutes.

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 0,9245 , EURCHF 1,2320 , USDJPY 97,25 , EURJPY 129,55 , EURHUF 300,60 , USDCAD 1,0365 , GOLD 1.359,00

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: Flat

Target:

Stop lvl:

Last trade: Bought 1 @ 129,60

P/L (ytd): +515 pips

USDCHF  (Entry lvl): Current position: Long 3 @ 0,9366 Target: Stop lvl: Last trade: P/L (ytd): +440 pips

EURCHF

(Entry lvl):  Buy 2 @ 1,2280

Current position: Flat

Target:

Stop lvl:

Last trade:

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 Bomer at marco@forexminute.com