Currency Forecast, March 4th 2014

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Currency Forecast, March 4th 2014
Currency Forecast, March 4th 2014

Currency Forecast, March 4th 2014

The situation in the Ukraine calmed down a bit, but it is still unclear how it will end.

EURTRY and EURHUF moved lower, as the panic has decreased a bit and EURJPY, EURCHF and USDCHF moved a bit higher, so USDCHF seems to be a very good hedge for the EURJPY position.

Also Gold moved lower because of the current situation in Ukraine but another risk off move can’t be excluded.

I like to use this volatility in EURTRY, as this is very much correlated to the Ukraine and trade that currency pair a bit more in a tighter range. Therefore I like to buy back 1 @ 3,0250 – should we see that level – to be able to resell it again @ 3,0500. Should it move straight below 3,000 and even further, I would still be short some.

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 1,3765 , USDCHF 0,8840 , EURCHF 1,2165 , USDJPY 101,90 , EURJPY 140,25 , EURHUF 310,90 , USDCAD 1,1080 , EURTRY 3,0400, EURPLN 4,1830, GOLD 1.338,00

EURUSD
(Entry lvl):
Current position: Short 2 @ 1,3690
Target:
Stop lvl:
Last trade:
P/L (ytd): +280 pips

USDJPY
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +170 pips

EURJPY
(Entry lvl):
Current position: Short 2 @ 139,72
Target:
Stop lvl:
Last trade:
P/L (ytd): +375 Pips

USDCHF
(Entry lvl):
Current position: Long 2 @ 0,8805
Target:
Stop lvl:
Last trade:
P/L (ytd):

EURCHF
(Entry lvl):
Current position: Long 3 @ 1,2265
Target:
Stop lvl:
Last trade:
P/L (ytd):

EURHUF
(Entry lvl):
Current position: Short 3 @ 303,70
Target:
Stop lvl:
Last trade:
P/L (ytd):

USDCAD
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd): -1146 pips

EURTRY
(Entry lvl): Buy 1 @ 3,0250
Current position: Short 3 @ 3,0378
Target:
Stop lvl:
Last trade:
P/L (ytd): +639 pips (without carry P/L)

XAUUSD (Gold)
(Entry lvl):
Current position: Short 2k ounces @ 1300,00
Target:
Stop lvl:
Last trade:
P/L (ytd):

EURPLN
(Entry lvl): Buy 2 @ 4,1400
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +1000 pips

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