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New York FX Open

ByKoh Bong Choi
Published 02/29/2012, 08:27 AM
Updated 07/09/2023, 06:32 AM
EUR/USD

Euro is currently trading at 1.3444, about 42 pips off of the daily high and near that of the open. It is expected to make a further move to the downside during the end of the London session, before recovering during mid to late New York session. Any quick drops can be seen as buy opportunity as a swing trade (30-60 pips).

GBP/USD

The sterling made a rise to the 1.5859 area and has since declined to the 1.5938 level. It is expected to decline further throughout the London close / New York Open and then recover towards the middle of New York session. Buy limit @ 1.5900 stop 1.5850 target 1.5950

USD/JPY

The dollar has lost about 18 pips against the yen, currently quoting at the 80.28 level. It is not expected to make much further decline. Buy limit at 80.25 stop 79.74 target 83.25

Interpretation of the Market Moves

Yesterday both EUR and GBP made a rapid decline followed by a massive recovery which has lasted through London today. The market players have done such to hit the stops of the long holders and are now making similar move on the upside to hit the stops of the short sellers. They may once again make move during New York open to hit the stops of those who may have taken a higher level buy anticipating a breakout.

Remember, it is important not to make emotional trading decisions. We must remember that the professional money buys from those who are selling (panic drops) and sells to the market when it is taken to the higher levels (irrational exuberance). The professional money is not bullish nor bearish. If you begin to understand the process of accumulation and distribution, you will not continue to be wrong in your readings of the market, and will cease to lose the money.

Happy trading

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