Technical Outlook

Currency Forecast, September 11th 2013

By Forexminute - Marco Roemer | Technical Outlook |

Currency Forecast, September 11th 2013

Ok, the move higher in the EURUSD, USDJPY and EURJPY got stuck – so we are close to the top of this move. That’s why I increased the EURJPY position and I am waiting now for the bigger correction. This correction should start now with some profit takers plus I expect new stops on the downside from automatic system traders, which jumped on that move.

News wise there is still only Syria on the radar and the situation could change immediately as no solution has been found yet, even with the offer not to attack Syria if they get rid of their chemical weapons.

Also, there are no important economic data out today, so I only expect a move as mentioned above because of profit takers.

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.

Current spot: EURUSD 1,3255 , USDCHF 0,9350 , EURCHF 1,2400 , USDJPY 100,35 , EURJPY 133,05 , EURHUF 299,70 , USDCAD 1,0355 , GOLD 1.366,00

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 3 @ 132,26
Target:
Stop lvl:
Last trade: sold 1 @ 133,10
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

About: Forexminute - Marco Roemer

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I am an fx-trader (mainly fx-options and fx-exotic options but also fx-spot and fx-swaps of course which you need to run an options-book) for already more than 10 years at a big European bank. 95% I t...


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