Currency Forecast, November 5th 2013

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Currency Forecast, November 5th 2013
Currency Forecast, November 5th 2013

Currency Forecast, November 5th 2013

Well, the EURJPY take profit was a bit too early, as we are currently trading just below the 132,50 level, but it was a nice profit anyway. To hedge a the EURUSD position abit, I would like to buy some EURJPY, should it trade at 131,75. (but keep in mind that this only counts until Thursday until the ECB rate decision).

EURCHF traded below 1,2300 , so I bought some there and would like to play the range 1,2300-1,2340 for the moment.

I don’t expect any big moves until Thursday, as everyone is waiting for the ECB, as the chance for a rate cut rose the last few days and even if the ECB doesn’t cut the rate, it is very likely that the rate will be cut in December. The reason for that is the low inflation rate in the Eurozone, which was last around 0,7% only and the ECB target is about 2%.

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.

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Current spot: EURUSD 1,3485 , USDCHF 0,9120 , EURCHF 1,2300 , USDJPY 98,20 , EURJPY 132,45 , EURHUF 295,75 , USDCAD 1,0440 , GOLD 1.312,00

EURUSD
(Entry lvl):
Current position: Short 3 @ 1,3150
Target:
Stop lvl:
Last trade:
P/L (ytd): -110 pips

USDJPY
(Entry lvl):
Current position: flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +2240 pips

EURJPY
(Entry lvl): buy 3 @ 131,75
Current position: Flat
Target:
Stop lvl:
Last trade: Bought 3 @ 133,15
P/L (ytd): +1078 pips

USDCHF
(Entry lvl):
Current position: Long 3 @ 0,9366
Target:
Stop lvl:
Last trade:
P/L (ytd): +440 pips

EURCHF
(Entry lvl):
Current position: long 3 @ 1,2300
Target:
Stop lvl:
Last trade: bought 3 @ 1,2300
P/L (ytd): +621 pips

EURHUF
(Entry lvl): Buy 3 @ 292,00
Current position: flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +2540 pips

USDCAD
(Entry lvl):
Current position: flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +500 pips

XAUUSD (Gold)
(Entry lvl):
Current position:
Target:
Stop lvl:
Last trade:
P/L (ytd): +258.000 USD

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