Currency forecast, June 27th

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Currency forecast, June 27th
Currency forecast, June 27th

So far so good with the positions. EURHUF is on its way lower and I would guess to see it close to 290,00 in the next few days.

EURCHF trades in a narrow range, but I like to keep the position and wait for a bigger move towards the 1,2400 level.

USDCAD view has been right so far. Even with a lower EURUSD, USDCAD traded lower too. As mentioned last time, when there are good US-economy data, USDCAD will trade lower, as that means it is good for Canada. The reason is, because Canada exports the most to the USA.

What is going on around the world?

Better than expected data out of Germany plus a bad revision of the GDP in the USA sent stocks higher? Some people may ask now why that is good for stocks, when the GDP revision was worse. Here is the reason. Traders think that the FED could postpone the end of the easing policy due to this bad economic number, which would mean more money for the market and higher stocks.

What about the USDJPY? I am still missing the move higher in the USDJPY, as stocks rallied yesterday, so I would expect to see a higher USDJPY today during the day. I still like to sell it at 99,00 – as I think that was not all we have seen about the problems in China and also in Europe could start the next crisis soon with Greece and Cyprus. Why I like that idea of USDJPY too is, because the USA will get out of the crisis first (before Europe and Asia), so that would mean a stronger USD, BUT the USA will look for a weak USD to strengthen their exporters. We could see a real fight between the USA and Japan in the near future about the exchange rate.

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

EURUSD
(Entry lvl):
Current position: flat
Target:
Stop lvl:
Last trade: Sold 1 @ 1,3090
P/L (ytd): -110 pips

USDJPY
(Entry lvl): Sell 1 @ 99,00
Current position: flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +780 pips

EURJPY
(Entry lvl):
Current position: flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +230 pips

USDCHF
(Entry lvl):
Current position: flat
Target:
Stop lvl:
Last trade:
P/L (ytd): -240 pips

EURCHF
(Entry lvl):
Current position: long 2 @ 1,2270
Target:
Stop lvl: 1,2090
Last trade: bought 2 @ 1,2270
P/L (ytd):

EURHUF
(Entry lvl):
Current position: Short 2 @ 299,90
Target: 289,00
Stop lvl: 305,50
Last trade: Sold 2 @ 297,00
P/L (ytd): +580 pips

USDCAD
(Entry lvl):
Current position: Short 1 @ 1,0475
Target:
Stop lvl: 1,0610
Last trade: Sold 1 @ 1,0475
P/L (ytd):