Currency Forecast, January 2nd 2013

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Currency Forecast, January 2nd 2013
Currency Forecast, January 2nd 2013

Currency Forecast, January 2nd 2013

Hope everyone had a good start into the New Year.

So far the markets are very quiet as traders will come back to work within the first 2 weeks of the year, but I already did my first analysis and I chose 3 currency pairs, where I already like to get involved (though with a small amount at the beginning). One of those currency pairs is a new one with the EUR/TRY. This currency pair shows a great opportunity, as it is quite volatile for the moment with all the political issues Turkey has currently. EURTRY is even more attractive than EURHUF for now, as it is a much better carry trade PLUS it made already a far rally towards the 3,0000 level.

For those who like to have a strategic position, I would suggest to sell some EURTRY here and to keep the position for the rest of the year.

The other two currency pairs are USDJPY and EURJPY where I like to get involved. The reason there is that I think we could see a first correction in the stocks market, which would lead to a weaker EURJPY and USDJPY.

The other currency pairs I will be watching them and will get involved in some more next week.

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 1,3755 , USDCHF 0,8925 , EURCHF 1,2275 , USDJPY 105,30 , EURJPY 144,85 , EURHUF 297,00 , USDCAD 1,0635 , EURTRY 2,9580, GOLD 1.225,00

EURUSD
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd):

USDJPY
(Entry lvl):
Current position: Short 1 @ 105,30
Target:
Stop lvl:
Last trade: Sold 1 @ 105,30
P/L (ytd):

EURJPY
(Entry lvl):
Current position: Short 1 @ 144,85
Target:
Stop lvl:
Last trade: Sold 1 @ 144,85
P/L (ytd):

USDCHF
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd):

EURCHF
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd):

EURHUF
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd):

USDCAD
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd):

EURTRY
(Entry lvl):
Current position: Short 2 @ 2,9580
Target:
Stop lvl:
Last trade: Sold 2 @ 2,9580
P/L (ytd):

XAUUSD (Gold)
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd):

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