Thursday, June 4, 2009
Great Britain Pound Dropping?
Seems like Great Britain Pound is dropping… declining against the major currencies. GBPUSD especially. The downward retracement is quite sharp. For 2 days straight, it has been like this. But I am still quite sure that this is temporary and is part of the Forex market. The chart will not move in the trend direction smoothly. It is bound to retrace a few or maybe several times along the path. And this is probably one of the retracements.
Australian Dollars also seem to be dropping a bit, although not as much as GBP. Perhaps a good time to buy long?
The United States Dollar look like it is still falling in the long run, and maybe falling for several more months to come.
I opened 3 trades today. Sold EURAUD, Sold USDCAD and Bought AUDUSD.
EURUSD and USDJPY are a little undecided, so I will be monitoring them for a few more days, and maybe trading them next week.
USD Rising a bit…
Yesterday, the US Dollar seemed to be on the rise. GBPUSD fell for 200+ or more pips. Other currency pairs involving the US Dollar were also affected. I am not sure whether this is a signal for a trend reversal, but from the looks of the US economy, I believe this is just a temproray retracement and the US Dollar will fall again starting next week. I may trade against the US Dollar again pretty soon, but I may not be placing big bets.
Euro and Japanese Yen seem to be retracing up a bit too, but generally, they are still going down. Looks like Australian Dollar and Great Britain Pound are steadily rising.
I closed my USDSGD trade today with a profit of 120+ pips or so. Probably will be hitting USDSGD again in the near future.
Tuesday, May 26, 2009
USD Dropping on Wednesday
Today seems like another awful day for USD. Yesterday, USD dropped pretty badly and I snatched around 50+ pips or more on AUDUSD and GBPUSD. On Monday, there was a slight retrace but after that USD started falling again.
I believe USD will be going for a free fall until the end of this month. I already won about 100+ pips from USDSGD and 100+ more from GBPUSD last week. I lost 100+ pips from EURAUD though. The Euro market seems to be going down but it looks undecided, with occassional upspikes.