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Description:
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We have our Forex Daily call of the week available on the Elliott Exchange web site. This week's call was the downward move on the USD/JPY. According to the news articles, this sudden move down caught many of the 'Professionals' by surprise. But you weren't surprised if you were listening to our Daily Podcast from Monday. You had the opportunity to capture more than 120 pips.
We are still looking for a break in tight range on the EUR, GBP, and CHF. We still favor the downside for the EUR and the GBP, but we are waiting for a firm break either way before we enter.
The EUR currently trades at 1.1979.
The GBP currently trades at 1.7407.
The CHF currently trades at 1.2981.
The JPY moved up just as we thought yesterday to the 118.80 level. We'd like to see one more push up to near 119 before heading back down to 117.50 and below although we may not get it. We are waiting patiently for this wave pattern to unfold. The JPY currently trades at 118.40.
As mentioned yesterday the CAD ran slightly higher to 1.1561, then turned down for 70+ pips. We continue to favor a lower CAD, but are urge caution as it's a tough currency to read. The CAD currently trades at 1.1481.
Forex Currency trading is very risky, please read the disclaimer on our web site.
Visit us on the web at www.elliottexchange.com or at forex.podomatic.com. Good Luck and Good Trading |
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