Currency forecast, July 23rd 2013

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Currency forecast, July 23rd 2013
Currency forecast, July 23rd 2013

Everything regarding the outlook is the same. Again we saw a bit of risk on trading yesterday afternoon with stocks moderately higher and so was the EURUSD. We will see this for a longer time it seems (until start of August). Usually it is the way, when the last ones jumped on that move higher, then the market turns around. I personally don’t see the economy in that good shape like the market wants us to believe. We still have the whole crisis in Europe, a beginning one in Asia and the FED, which is not sure when they start changing its easing policy.

I still prefer to be positioned for the next risk off move than to jump on the train with the slowly risk on move we currently see.

If you trade fx-options or binary options, it would be a nice time now to sell 1week options, as it looks like the market will not move at all for the next 7 days. (You have to take care that the expiry day is pre the NFP-numbers-day)

With August the market will be again more interesting, as then the elections in Germany come closer and closer and the market will react on the daily or weekly surveys how the elections will end.

**relatedarticle**

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 1,3190 , USDCHF 0,9365 , EURCHF 1,2350 , USDJPY 99,50 , EURJPY 131,20 , EURHUF 294,40 , USDCAD 1,0325 , GOLD 1.330,00

EURUSD

(Entry lvl):

Current position: Short 2 @ 1,3090 (1@ 1,3050 and 1 @ 1,3130)

Target: Stop

lvl: 1,3250

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: Short 2k onces @ 1316,00

Target:

Stop lvl:

Last trade: Sold 2k onces @ 1316,00 –

P/L (ytd): +86.000 USD