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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (8904)	9/2/2014 11:21:07 AM
From: Goose94	Read Replies (1) of 202704

Gold: U.S. Dollar Buying Frenzy Continues U.S. dollar buying continued to be the theme overnight, with the Euro$ hitting a yearly low. The U.S. dollar buying frenzy seemed to have started out with massive $Jpy buying at the fix in Asia, triggering stop-losses and accelerating the move higher. Negative PPI numbers from the Euro-zone also weighed on the Euro and the market continues to position themselves for the ECB meeting on Thursday. If the ECB is slightly less dovish than market expectations, I believe the market will get caught and it could be nasty. The short trade is very crowded. The RBA left rates unchanged at 2.5%, which was widely expected. Also in the news, polls are showing the “yes” camp is getting a bit more traction in the Scottish referendum giving a hard time to the GBP this morning. Precious metals were driven lower on the strength of the U.S. but I do find strange that U.S. yields are not participating in this move. In Store for Today The main event in the US will be ISM Manufacturing. The market is looking for 57. Other economic data: Markit US Manufacturing PMI, ISM Prices Paid and Construction Spending. I don’t believe any of these numbers will drastically move the markets or change trends. We have bigger economic events going forward with the BoC, BoE and the ECB Rate Decision and this is Non-Farm Payroll week for the US. The party is ahead. FX Market Calls The StopLoss remains at 138.00 on the EurJpy. The original idea was to sell the trend line break we had in May. The next target is at 131.35. It seems the $Cad has pulled back on a major support zone between 1.0670 and 1.0600. It includes a horizontal support line since 2011, the trend line since 2012 and the pullback on the 2002 daily trend line. Being long seems like a good risk/reward to play 1.1200. The Euro$ reached the minimum target of 1.3115. The next target is way down at 1.2760. I would move the StopLoss lower and follow the trend line seen on the graph: 1.3375. The original idea was to sell the break of the trend line we got in July. By Hugo Murphy

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