Entry order expecting a break above highs over the 116.60 market with a target 118.30. This plays into major resistance and fibonnaci retracement levels. Stop near 115.50
The Eur/Usd is trying to tempt me to trade this long yet I am not really comfortable with the FOMC meeting on Friday. I am thinking of putting 100 pip entry orders both directions on the pair. Expecting a significant move back to the top of the channel or a breakout. It may remain flat all the way through Thursday.
Gold is relatively flat. Watch for a break above 602 and then a move to 610. A break above 612 watch for a move all the way to 635. The Aud/Usd is right near the 61% fib. If this bounces and gold breaks it could be a major reversal all the way back up to .7600 or higher over the next month or two. A break below could drop us to .7000. Short at .7250 with a stop .7380. If it breaks up with gold through .7430, I will be more aggressive and get in long.
Watch the Usd/Cad. Appears to be setting up for a bounce down. Pivotal point.
Blake Young
Random Acts of Forex
