Currency Forecast, August 23rd 2013

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Currency Forecast, August 23rd 2013
Currency Forecast, August 23rd 2013

Currency Forecast, August 23rd 2013

JPY was the big mover overnight with the EURJPY trading above 132,00 and USDJPY trading above 99,00. I sold the EURJPY already at 131,50 which is still fine plus I also sold the tiny USDJPY at 98,90.

I also sold as already planned the USDCAD at 1,0520. I expect a good number today out of the USA (new home sales) or at least a not bad number, so that should be positive for the CAD too.

I also expect some profit takers, especially in the JPY, so that’s why I think it is a good idea to be short on the USDJPY and EURJPY at current levels.

EURUSD will move lower again soon and test the 1,3275 area.

EURHUF is on its way, though there is still some more room towards the 292,00 level and we would need to see at least a level of 295,00 before I will set a stop profit level then around 297,00.

Traders are back from vacation, so the volatility is back a bit plus there are new stories about Greece that they might need another help package. This could bring Europe in the next crisis, as I am not sure if all countries would agree to that. Also the German election gets closer and closer and will be more and more interesting for the market.

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 1,3340 , USDCHF 0,9250 , EURCHF 1,2340 , USDJPY 98,90 , EURJPY 131,95 , EURHUF 298,90 , USDCAD 1,0545 , GOLD 1.376,00

EURUSD  

(Entry lvl):

Current position: Short 3 @ 1,3150

Target:

Stop lvl:

Last trade:

P/L (ytd): -110 pips

USDJPY

(Entry lvl):

Current position: Short 1 @ 98,90

Target:

Stop lvl:

Last trade: Sold 1 @ 98,90

P/L (ytd): +1660 pips

EURJPY

(Entry lvl):

Current position: Short 1 @ 131,50

Target:

Stop lvl:

Last trade: Sold 1 @ 131,50

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: Short 2 @ 1,0520

Target:

Stop lvl:

Last trade: Sold 2 @ 1,0520

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