Currency Forecast, October 2nd 2013

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Currency Forecast, October 2nd 2013
Currency Forecast, October 2nd 2013

Currency Forecast, October 2nd 2013

Ok, the first move lower in the EUR has taken place with the EURJPY. I expect today with the ECB rate decision and the press conference afterward another move lower, also in the EURUSD. Once the EURJPY trades below 131,25, I will set a stop profit level at 131,50.

EURHUF traded close to the 295,00 level, but not below unfortunately, but there is no problem at all to hold onto this position, as every day it generates some money because of the higher interest rate in Hungary.

USDJPY: I like to buy some, should it trade around 97,00, as the Bank of Japan will fight for a weaker yen to strengthen the exports from Japan.

Gold was the big mover yesterday and traded below 1300,00 per ounce. I like to buy here some at 1292,00, where it is currently trading and would like to see it above 1320,00 again within the next few days.

Two stories still need to be watched, Italy with possible new elections and the USA with their budget discussions. Both could cause some troubles in the markets, should there be no solution at all within the next days/weeks.

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.

**relatedarticle**

Current spot: EURUSD 1,3530 , USDCHF 0,9045 , EURCHF 1,2240 , USDJPY 97,45 , EURJPY 131,90 , EURHUF 297,00 , USDCAD 1,0340 , GOLD 1.291,00

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

USDJPY
(Entry lvl): Buy 2 mio @ 97,00
Current position: flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +1980 pips

EURJPY
(Entry lvl):
Current position: short 3 @ 132,26
Target:
Stop lvl:
Last trade:
P/L (ytd): +640 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 @ 1,2288
Target:
Stop lvl:
Last trade: Bought 1 @ 1,2265
P/L (ytd): +390 pips

EURHUF
(Entry lvl):
Current position: Short 2 @ 299,90
Target:
Stop lvl:
Last trade:
P/L (ytd): +1560 pips

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

XAUUSD (Gold)
(Entry lvl):
Current position: long 2k ounces @ 1292,00
Target:
Stop lvl:
Last trade: Bought 2k ounces @ 1292,00
P/L (ytd): +238.000 USD

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