Currency forecast, July 19th 2013

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Currency forecast, July 19th 2013
Currency forecast, July 19th 2013

Happy Friday to all of you! Market wise there is little new news to report. Greece is still fighting to get the next tranche of money from the Troika, for which they would only agree, if Greece will fire 15.000 people who are currently working for the government. In my opinion they will get the majority, as there is no other way for Greece as long as they don’t want to go bankrupt.

Italy is still in my focus for now with the latest downgrade of the country and also of the two big Italian banks.

I would say those two stories plus a possible speech of Bernanke about the easing policy of the FED are the only events for now which could shake the market a bit. As long as we don’t see or hear any of those stories, the market will stay calm, as no one likes to trade a big position for now, as most of the traders are on vacation.

Regarding the positions, I still like to keep the positions, as I think it will be the right direction, once the market starts to move again.

Good luck,

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 1,3135 , USDCHF 0,9425 , EURCHF 1,2375 , USDJPY 100,05 , EURJPY 131,40 , EURHUF 294,85 , USDCAD 1,0370 , GOLD 1.290,00

EURUSD
(Entry lvl):
Current position: Short 2 @ 1,3090 (1@ 1,3050 and 1 @ 1,3130)
Target:
Stop lvl: 1,3200
Last trade: Sold 1 @ 1,3130
P/L (ytd): -110 pips

USDJPY
(Entry lvl):
Current position: Short 1 @ 99,65
Target:
Stop lvl: 101,50
Last trade:
P/L (ytd): +980 pips

EURJPY
(Entry lvl):
Current position: Short 1 @ 130,90
Target:
Stop lvl:
Last trade: Sold 1 @ 130,90
P/L (ytd): +230 pips

USDCHF
(Entry lvl):
Current position: Long 2 @ 0,9420
Target:
Stop lvl:
Last trade: Bought 2 @ 0,9420
P/L (ytd): +440 pips

EURCHF
(Entry lvl):
Current position: flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +10 pips

EURHUF
(Entry lvl):
Current position: flat
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: flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +86.000 USD