Category Archives: Currency

Euro & Uncle Buck Switch Positions

One is dropping below its MA 50′s and the other is popping above, after the ECB sat on its hands with rates but made a lot of Jawboning about ‘unconventional’ stimulus in the battle against the dreaded deflation.

It is unbelievable the degree to which people still have confidence in these clowns (including the ones packed into the little clown car here in the US), but apparently they do.

fxe.uup

FOREX Free Week

I am long Yen by a trade and long the USD by significant cash position.  Other than that I don’t really care about FOREX.  For anyone who does however, EWI is free weeking again and you just might want to check it out.  I am going to go get it, but if past is any guide for me personally, I’ll probably not pay much attention.  ;-) … Currencies just don’t float my boat other than as macro indicators and such.

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Today, you need to be paying attention to forex because of:

  • Several high-probability Elliott wave trade setups in EUR/USD and USD/JPY
  • The emerging currency crisis and its implications
  • The new Fed chief and potential changes to the QE

Want to know where FX markets are headed in the next few hours, days and weeks?

Elliott wave patterns are telling you now where the next major opportunities are. Find out now during EWI’s Forex FreeWeek.

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[edit]  Here’s an example of one pair that did happen to interest me, as it is USD-JPY.  It was posted at 3:01 today… click the graphic for full size.

usd.jpy

‘Commodity Currency’ Check Up

The Aussie has been very bearish but recently turned up above formerly broken resistance.

xad

XAD weekly from NFTRH 273

Canada is still bearish after breaking down from a brutal looking long term pattern.

cdw

CDW weekly from NFTRH 273

Traditionally these currencies turn up with commodities and US inflation.  If there is to be a coming inflation issue, we might expect the same.  But then again what is traditional anymore in today’s steroid-enhanced asset markets?  Canada looks just awful.

Yen on the Move

NFTRH has been noting that the Nikkei had lost support, while its whipping boy in the mirror, Johnny Yen was looking a little bottomy.  As of today, here’s Johnny…

yen

One of a multitude of indicators I see now that show risk flying ‘OFF’ as greedy casino rats the world over try to abandon ship.

Strange Bedfellows; Gold and USD

Two forms of money; one official but its only value is in ‘confidence’.  The other is not really money, but its value is of something more than confidence.  All confidence was lost in gold in 2013, so it had better have something more going for it.  It is debt free as it is no one’s liability and it has been used as money for centuries.

Okay, blah blah blah… gold bug sighting above.  What I wanted to actually do is show a chart of GLD & UUP looking pretty darned in line with each other over the last few months.

gld.uup

Whatever their differences, in the big ‘RISK ON’ environment cooked up by the Fed a couple of ‘risk off’ items have been fairly in unison outside the party.  Today they are both above their 50 day MA’s.

Party on Garth.