Currency Forecast, November 8th 2013

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Currency Forecast, November 8th 2013
Currency Forecast, November 8th 2013

Currency Forecast, November 8th 2013

A bit of surprise for the market, the ECB rate cut, so now we are at the lowest possible level and if we should see some kind of deflation, we are in big trouble.

EURUSD and EURJPY traded lower of course, but the NFP number out today could change everything again. Unfortunately I missed to buy some EURJPY, because I think this currency pair will move higher today after the number has been released. So I will wait for now with the current positions and would only buy some EURJPY should it trade at 131,50 before the NFP number.

By the way, a good start for Twitter, which is in my opinion completely nonsense, as this company makes losses every year, so for me the current price around 45-50 USD is way too high.

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 1,3420 , USDCHF 0,9165 , EURCHF 1,2300 , USDJPY 98,20 , EURJPY 131,80 , EURHUF 296,35 , USDCAD 1,0460 , GOLD 1.311,00

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