Daily FX Profit Signal March 1, 2010

Expect the euro to strengthen during the first few days of March as plans to rescue Greece finally come to light. Germany is leading the way to buy Greece’s bonds, a European effort to grant Greece as much as 25 billion euros. Nothing is written in stone just yet, but if we look at the overall picture, Greece needs to raise 53 billion euros in 2010 and will face 20 billion euros of bond redemptions by the end of May. We do not think that this bail out will work in the long term and the euro may pay the price later this year. For now, we expect a retracement up to 1.38/1.40 area before the news fades and traders realize that the long term problems within the EZ need to be fixed before the euro can be pushed higher.
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Daily FX Profit Signal February 25th, 2010

Once again the market is unable to break below 1.3450, and we expect it to reverse if it is not able to close lower during today’s session. Economic data overnight was mixed, with the yen gaining and the pound selling off the most during the last 24 hours. With GDP figures coming out of the UK and the US along with other data, we’ll be focused to see if dollar strength continues. Until tomorrow’s action, it seems the market is trying to put in a bottom.

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Daily FX Profit Signal February 25th, 2010

Fed. Reserve Chairman Ben Barnanke said that record low interest rates are still required to assist the economic recovery. The equity markets closed higher, while the dollar was mixed in what was mostly a choppy NY trading session.  The market seems unsure of what it wants to do and with much more economic data due to be released today and tomorrow, we’ll be looking for more volatility and hope the market provides direction.

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Daily FX Profit Signal February 24th, 2010

Economic data yesterday, though a bit mixed, helped strengthen the dollar as equities turned negative, leaving the DOW Jones down 100 points for the day. We still see the dollar rally continuing, but with the gains overextended, we wonder what’s going to cause the retracements?  Economic data set to be released over the next 72 hours will definitely give the market some trading opportunities. We’re watching for a break of 1.3450 on the EUR/USD pair and a retracement to 1.5550 for the GBP/USD. We remain dollar bulls for now with retracement along the way.
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Daily FX Profit Signal February 23rd, 2010

Expect further deterioration in the euro over the next few months. We think the worst is yet to come as Greece may only be the beginning. Until we see clear signs of a definitive plan of action within the EZ, fear will make the worst of the euro. The 1.2500 level we predicted just a few weeks ago may come sooner than expected. The Yen has started to roll over, just before hitting the 200 day moving average at 92.20. We see support at 90.50, but ultimately expect 86.20 or 85 to be the mid-term double bottom.  News later in the week should be the driving force behind further volatility.

 

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