Currency Forecast, September 3rd 2013

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Currency Forecast, September 3rd 2013
Currency Forecast, September 3rd 2013

Currency Forecast, September 3rd 2013

As expected we have seen the next move lower in the EURUSD, though the EURJPY has not moved at all and it was all about the USDJPY again.

I still expect a weaker EUR overall again soon with the EURUSD testing the 1,3150 level and breaking through and also EURJPY should move lower too then.

Gold could be the big mover over the next 48 hours, as it looks more and more that the USA will not attack Syria.

For this week, we have to wait for Thursday (ECB and BOE rate decision) and Friday with the NFP number. Until then the market will not be that volatile, though as mentioned above I expect a stronger USD and weaker EUR, though it will not be a move of 200 pips of course.

The next three days, I will be on vacation, so there will be no forecast in that time, but I already told here what I expect from the market until end of the week.

I expect a better than expected NFP number, which will give the USD another boost, plus I expect from the ECB that they will say that they keep the low interest rate for a long time and also will not exclude that the rate could be lowered too in the future which should weaken the Euro.

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 1,3175 , USDCHF 0,9365 , EURCHF 1,2335 , USDJPY 99,60 , EURJPY 131,25 , EURHUF 300,70 , USDCAD 1,0540 , GOLD 1.387,00

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): +1810 pips

EURJPY

(Entry lvl):

Current position: short 1 @ 131,20

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 2 @ 1,2280

Target:

Stop lvl:

Last trade:

P/L (ytd): +130 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: Short 2 @ 1,0520 Target: Stop lvl: Last trade: P/L (ytd): +240 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