Currency Forecast, August 27th 2013

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Currency Forecast, August 27th 2013
Currency Forecast, August 27th 2013

Currency Forecast, August 27th 2013

Not much happened again overnight, though for those who traded the EURCHF idea (sold 1m 1,2410 binary option), the small move was not too bad at all. I would close the position when we see spot at 1,2290. Otherwise I would keep the position for now.

USDJPY also moved lower and I now placed the stop at 98,50 to stop the profit there.

Gold is again the big surprise as it moved again above $1400,00 per ounce, which is in my opinion is way too high, especially as interest rates in the whole curve moved higher the last few days.

EURHUF moved back above 299,00 , though it’s still fine for now and don’t forget, you earn money just by being short on the EURHUF, because of the higher interest rate in Hungary.

Regarding the EURUSD and USDCHF: I still expect to see a lower EURUSD soon, as the fair value of the EUR against the USD should definitely be below 1,3000. Maybe the IFO from Germany, which will be released today and also the Consumer Confidence out of the USA will cause that move.

Also the story again about Greece is not really priced in and there was no reaction at all when the German government said that Greece will need another aid package worth at least 10 billion Euros or more, plus don’t forget Berlusconi: His party members said that if Berlusconi should be really judged, they will quit the coalition which would lead to new elections and that could bring big troubles with it for Italy.

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 1,3370 , USDCHF 0,9240 , EURCHF 1,2350 , USDJPY 98,60 , EURJPY 131,80 , EURHUF 298,20 , USDCAD 1,0505 , GOLD 1.396,00

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: Buy 1 @ 98,50

Last trade:

P/L (ytd): +1660 pips

EURJPY

(Entry lvl):

Current position: Short 1 @ 131,50

Target:

Stop lvl:

Last trade:

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:

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 Romer at marco@forexminute.com