GROWTHACES.COM Forex Trading Strategies
Taken Positions
EUR/USD: short at 1.0625, target 1.0335, stop-loss 1.0600, risk factor **
USD/JPY: long at 121.10, target 123.55, stop-loss 119.60, risk factor *
USD/CHF: long at 1.0010, target 1.0300, stop-loss 1.0010, risk factor *
USD/CAD: long at 1.2680, target 1.2860, stop-loss 1.2700, risk factor **
AUD/USD: short at 0.7640, target 0.7340, stop-loss 0.7790, risk factor ***
NZD/USD: short at 0.7390, target 0.7130, stop-loss 0.7390, risk factor ***
EUR/GBP: short at 0.7080, target 0.6920, stop-loss 0.7190, risk factor **
AUD/NZD: long at 1.0460, target 1.0700, stop-loss 1.0340, risk factor ***
Pending Orders
GBP/USD: sell at 1.4845, if filled - target 1.4650, stop-loss 1.4930, risk factor **
Source: Growth Aces Forex Trading Strategies
EUR/USD: We Remain Short Waiting For The Fed
(stay short)
[ul]
[li] Friday brought us quite weak data on U.S. consumer sentiment. The University of Michigan’s preliminary March reading on the overall index on consumer sentiment came in at 91.2, down from the final February reading of 95.4. It was below the median forecast of 95.5.
[/li][li] The EUR/USD bounced from 1.0457 to above 1.0530 today. The FOMC policy announcement will be the major event of the week. It is widely expected that the Fed will take out patient from its statement. See yesterdays The Week Ahead to read the Fed meeting preview.
[/li][li] The momentum remains negative and we stay EUR/USD short at 1.0625 and 1.0335 is our short-term objective. We have lowered our trailing stop-loss to 1.0600. In the medium-term the rate is likely to test 76.4% long-term fibo of the 0.8228 to 1.6040 rise at 1.0072. Breaking below this level will open the way to parity.
[/li][/ul]
Significant technical analysis’ levels:
Resistance: 1.0552 (session high Mar 16), 1.0634 (high Mar 13), 1.0684 (high Mar 12)
Support: 1.0457 (low Mar 16), 1.0400 (psychological level), 1.0335 (low Jan 2, 2003)
USD/CAD: Canadian Jobs Report Not Weak Enough To Spur Another Rate Cut
(target raised to 1.2950)
[ul]
[li] Canadian jobs decreased by 1k in February compared with forecasts for a loss of 5k. An increase in the overall workforce participation level sent Canada’s unemployment rate up to 6.8% from 6.6%.
[/li][li] Full-time positions increased by 34k, but 34.9k part-time jobs were lost. The number of people employed in manufacturing fell by 19.9k, the sector’s first decline since August. The natural resource sector, which includes oil and gas extraction, cut 16.9k jobs. The labor participation rate rose to 65.8% from 65.7%, its highest level in three months.
[/li][/ul]
[ul]
[li] The good news is all the weakness was in part-time work, and largely concentrated in the natural resource sector, which was widely expected. In our opinion the jobs data are not weak enough to spur another rate cut.
[/li][li] The USD/CAD rose after the release of Canadian jobs report and reached new 2015 high at 1.2824 on Friday. This move was pretty in line with our long position taken at 1.2680. We have raised the stop-loss and target levels of our position. The stop-loss is now at 1.2700 and the target is 1.2950, just below daily high on March 12, 2009.
[/li][/ul]
Significant technical analysis’ levels:
Resistance: 1.2824 (high Mar 13), 1.2845 (high Mar 13, 2009), 1.2955 (high Mar 12, 2009)
Support: 1.2613 (low Mar 12), 1.2598 (low Mar 10), 1.2574 (low Mar 9)