Currency Forecast, September 10th 2013

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Currency Forecast, September 10th 2013
Currency Forecast, September 10th 2013

Currency Forecast, September 10th 2013

This move higher in the EURUSD, EURJPY and USDJPY can be seen as a possible last correction to take out all the stops of people who were long on the USD and long the JPY.
I used this opportunity and sold the EURUSD, EURJPY and USDJPY plus sold some EURCHF.

This move was also a bit driven by the news that a war between the USA and Syria became less likely, though I wouldn’t agree with that, as the USA would lose a lot of influence, if they would not attack Syria.

That is one reason, why I think the market will soon turn around again. Another reason is that the economy in Europe is in a much worse condition than everyone would let us know. We will find out the truth after the German elections.

This move we have seen could be a real great opportunity to make more than 100 pips in each currency pair within only a few hours.

If you prefer to trade options instead of spot, I would only play that with USDJPY and EURCHF (sell 1m 101,50 and sell 1m 1,2450 options)

Gold also moved a bit lower with the news about Syria and we should see another move lower, not because of Syria, but because of a strong USD.

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 1,3245 , USDCHF 0,9345 , EURCHF 1,2375 , USDJPY 100,00 , EURJPY 132,50 , EURHUF 300,50 , USDCAD 1,0375 , GOLD 1.375,00

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

USDJPY
(Entry lvl):
Current position: short 2 @ 100,00
Target:
Stop lvl:
Last trade: Sold 2 @ 100,00
P/L (ytd): +1810 pips

EURJPY
(Entry lvl):
Current position: short 2 @ 131,85
Target:
Stop lvl:
Last trade: sold 1 @ 132,50
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: short 2 @ 1,2375
Target:
Stop lvl:
Last trade: Sold 2 @ 1,2375
P/L (ytd): +290 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: Bought 2 @ 1,0390
P/L (ytd): +500 pips

XAUUSD (Gold)
(Entry lvl):
Current position: short 3k ounces @ 1343,00
Target:
Stop lvl:
Last trade:
P/L (ytd): +118.000 USD

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