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September 25th 2014. The Greenback Strengthened substantially overnight talking out EURUSD stops below 1.2750 and causing some panic across the board.
NZDUSD – Due partly to domestic data and partly to the USD moves Kiwi selling accelerated and I know of at least one major trader who threw in the towel on long positions. Busted!! This game is not easy. “Money itself is never made or lost, it’s simply transferred from one perception to the next”. Wall Street 1986. Cold consolation to many Kiwi traders this morning no doubt. I’ve opened a small long NZDUSD position down here.
EURUSD – I spoke in yesterday’s webinar of two possible senarios. We now know that EURUSD did not close above 1.30 for a continuation higher so that was scenario A. Senario B was a challenge of the multi-year lows at 1.2750 where we would proceed to take out stops down there. That is what happened. I will scalp this market but considering my NZDUSD bet is a bet on the dollar (and indirectly the same as buying EURUSD) I will not place any swing trades here.
USDJPY Yesterday I said “Do not get caught short. Watch out for that bullish engulfing candle to take out 1.0945 for a continuation into the 110.00’s.” We’ve now got the bullish engulfing candle and this market is well on its way to 1.10
XAUUSD – Gold is of course totally linked to the EURUSD story and overnight dollar strength meant Gold weakness. It now looks like a challenge of $1180 is in prospect.
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