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Friday, March 26, 2010

Forex managed funds day trading EURUSD moves up

The USDJPY pair traded at 92.43 earlier today declining from yesterday's high of 92.95 after failing to break the 93 level on speculation Japanese exporters took advantage of its largest weekly loss this year to purchase the currency before the country's fiscal year ends next week. Japan's core consumer prices were -1.2% from -1.3% in February adding pressure on the BOJ to eradicate deflation that is hampering the economic recovery. BOJ board members will update their forecasts for inflation and economic growth in a twice-yearly outlook report to be published at the end of April while predictions in January for core prices were that it will fall 0.8% in the year that starts April 1 and drop 0.4% in the next one year. The USDJPY may rise toward the highest level since January after passing the top line of the cloud on ichimoku charts, according to technical analysis. The pair is also poised to extend gains should it end this week above the 200-day MA of 91.53 which it broke yesterday, moving upto 93.30 levels while on the other hand, the pair may slide to about 90 should it fail to end this week above the 200-day MA. Meanwhile, the EURUSD pair advanced to 1.3319 in early Asian trading after falling to 1.3268 yesterday, the weakest since May 7 and holding above the support level of 1.3250 after ECB President Jean-Claude Trichet said he welcomed an EU agreement on an aid plan for Greece. Trichet added that he was "happy" the region found a solution, toning down his earlier criticism over the IMF's possible involvement taking a complete opposite stance of his earlier statement when he said that an IMF role in the funding of a rescue plan for Greece would be "very, very bad." Trichet is concerned that turning to the IMF to help Greece cope with the EU's largest budget deficit would show that Europe can't fix its own problems and earlier this month dismissed such a move as "inappropriate." EU President Herman Van Rompuy said that the majority s [...]

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EUR/USD Well we have seen a turn at the figure and then a measured run down to just under 1.3370 on what appears to be light volume. We have run into support of the 89 EMA on the 5 min chart and the 34 EMA on the 15 min chart. When your charts are in harmony, you will see different EMA's lining up as support or resistance at the same level on different time frames. Interesting how that works, BUT it does so time after time. We have also run into traffic at this level and are experiencing sideways action at the moment. Keeping an eye on the clock for the NY open and price action move or lack there of. FXDMG

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EUR/USD News out in just over 5 min. FXDMG

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EUR/USD We have a few (4) news items from the US out in just under 1/2 hour 12:30 GMT. One is the GDP (QoQ). Market retraced 20 + pips so far at this writing. Turn ????? We'll see. Remember 10 pips is our goal. FXDMG

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EUR/USD [caption id="attachment_668" align="alignnone" width="300" caption="FXDMG"]FXDMG[/caption] This is a 15 min EUR/USD and the price action has continued to 1.3400 the figure and is just holding below at the moment. The day has followed through the turn around (At 1.3270) as you can see on the chart. The 34 & 89 are showing a directional trend change which mirror the longer term charts as well. FXDMG

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EUR/USD Our caution is once again to take heed of the price action. The market did turn on the third rise but it still had another rise as well. This time to 1.3390 +. We missed the last rise as we were still waiting for the eventual turn down. As we write we have retreated from this past high by approx 15/20 pips. The 3 /5 on the 15 min is still riding upside bias but it look like it is weakening. Once we have a confirmation on all three time frames we will look to sell into the turn. Caution needs to be observed here as our major EMA indicators are still pointing up. If they give way then there will be a good opportunity to short the market. FXDMG

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EUR/USD It looks like we could be topping out at the moment. Lower highs and we are coming up on the third hill or third rise since the turn at 1.3380 +. Waiting for the third rise to fail and if so we will be looking to ride the market turn down. Take nothing for granted. FXDMG

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EUR/USD [caption id="attachment_660" align="alignnone" width="300" caption="FXDMG"]FXDMG[/caption] Here is a chart that is easy on the eyes. I just captured this a few moments ago and waiting for the London Open in a few min. FXDMG

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EUR/USD Good Morning Traders... Another mix mash of news today, but I do not see anything that would turn a market direction. BUT as always we will be vigilant in scouring sources and if we see anything different we will report. What a sweetheart of a day we saw yesterday. Several short runs on the way up, that excellent turn & run down and then a full retrace today. I wish every day would produce such good signals. Soon we anticipate have our new trading room up and running and then we will be running full audio and video. We will be looking for traders to work for us and if this fits you bill please keep us in mind. Tweet us. Our expanding program for traders and those who want us to trade for them is seeing the light of day. It has taken a long time to get to this point we will soon have a private line and contact info for both traders and investor groups. We are taking a little longer than expected but it is important to keep the legal beagles happy. Finally... London open in a few minutes and we are bouncing above the 89 EMA for now but we will look for a definite market direction before committing. FXDMG

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