Friday, March 12, 2010

Thursday 11 March 11th PM

What an ugly day for FX.  No movement and inside bars everywhere.  US indices rocketed to new highs at the close, an ominous sign for bears.
There are however lots of rumours of more China tightening which is bearish for stocks and commodities.
Here are my best candidates for tomorrow;

EURUSD & EURJPY long.  Daily inside bars after bullish engulfing candles.  Look all set to go to me, target EURUSD 140, EURJPY 127
And therefore I also like USDCHF short and CHFJPY long.  Sterling looks good but the other two look better.
For the commodity currencies a lot is going to depend on the indices.  If we rally tomorrow they will be perform better than a flat day when we just hug the new high.
Here is a chart of what moved and what didn't today from finvis.  I am looking forward to doing more commodities.

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