Currency Forecast, October 30th 2013

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Currency Forecast, October 30th 2013
Currency Forecast, October 30th 2013

Currency Forecast, October 30th 2013

Is this the beginning of a bigger correction in THE EURUSD? In my opinion yes, as I still think that the EUR especially against the USD is overbought. A break through 1,3670 would help with this scenario. I also expect that EURJPY will follow EURUSD then and should trade below 134,00 again soon.

I took profit on the EURCHF position, as a higher EURCHF would be good for the long USDCHF position anyway and I like to be flat ON THE EURCHF for now, to buy again, should we see a correction again to the 1,2300 level.

A huge Investment bank sent me advice to go long on the EURHUF here with a target around 299,00, but I would like to wait a bit longer and see, if we maybe trade below 292,00 before. There I would like to go long.

Today is the rate decision in the USA, so a surprise regarding the press conference afterwards, can’t be ruled out. There could be some new news about a possible ending of the FED’s easing policy. Should there be any news like that, it would give the USD a big boost.

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 1,3740 , USDCHF 0,9000 , EURCHF 1,2365 , USDJPY 98,25 , EURJPY 135,00 , EURHUF 294,00 , USDCAD 1,0455 , GOLD 1.345,00

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):
Current position: Short 3 @ 134,00
Target:
Stop lvl:
Last trade: Sold 3 @ 134,00
P/L (ytd): +823 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: flat
Target:
Stop lvl:
Last trade: Sold 3 @ 1,2365
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