Currency Forecast, August 22nd 2013

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Currency Forecast, August 22nd 2013
Currency Forecast, August 22nd 2013

Currency Forecast, August 22nd 2013

Here it is the move in the USDJPY. I closed the position @ 98,20 to be able to re-open a position just in case we see one more move with a weaker USD, plus I would expect to see some take profit takers too in the EURJPY, which could also move the USDJPY a bit lower again.

EURHUF is still unchanged and has not moved at all, but it will just be a question of time until it moves towards 295,00 and lower.

Maybe there could be a new opportunity soon in another currency pair. USDCAD – should see the currency pair above 1,0520 – I would like to sell it. A lot of people compare the USDCAD with the AUDUSD, but that’s wrong, because a strong USD means a lower AUDUSD exchange rate, BUT a good economy in the U.S. is of course great for Canada and the Canadian Dollar, as more than 80 percent of the Canadian exports go to the USA.

I would also like to sell a small amount of EURJPY, should we see it above 131,50 , as this wouldn’t go along with the stock market then and should lead to a correction again very soon.

The EURUSD and USDCHF position, I will sit on it, unless we trade above 1,3500 in EURUSD, which is not really likely and I expect to see EURUSD close to the 1,3200 level soon as the fear about Greece and Europe is increasing again.

Some politics from the German government already talk about a new help program for Greece, which will be necessary soon and which could cause new problems.

Also, the rating agency S&P was saying that most of the European banks still have a negative outlook which could lead to more downgrades in the near future. All those things should lead to a weaker EURO soon.

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 1,3388 , USDCHF 0,9195 , EURCHF 1,2305 , USDJPY 97,50 , EURJPY 130,50 , EURHUF 300,10 , USDCAD 1,0435 , GOLD 1.364,00

EURUSD  

(Entry lvl):

Current position: Short 3 @ 1,3150

Target:

Stop lvl:

Last trade:

P/L (ytd): -110 pips

USDJPY

(Entry lvl):

Current position: flat

Target:

Stop lvl:

Last trade: Sold 2 @ 98,20

P/L (ytd): +1660 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:

P/L (ytd): +118.000 USD

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