Rank: Veteran Joined: 5/7/2009 Posts: 1,032 Location: Sea of Transquility
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hisah wrote:Ceinz wrote:Hey Fxers, have a look at the USD/SGD weekly pair, crazy downtrend. Pays to focus on the EM currencies. AUD/CAD, USD/SGD and USD/ZAR are on my long term trade list. The bullish overcrowding will be trimmed swiftly as the banks close out their carry trades. I really regret missing out the USDZAR long at 6.60. I hope it comes back. This is now a triple bottom zone and USDZAR should break above 7.20 in coming weeks and head to 7.50 in coming months.
USD/SGD rebound will target 1.2800 in coming months.
AUDCAD is still undecided. But another test of 1.04 - 1.05 and failure to clear above this will invite heavy selling as it will confirm a triple top. I will be short large if it plays out this way. A lot size of 1.0 or 1.5 will be my preference.
Taken a small EURGBP short @0.8820 lot size 0.2, SL - 0.8880 and TP - 0.8720. I am trying to ride the H&S formation on the monthly. Still forming the H&S so this is a risky attempt, but I doubt EURGBP will push back above 0.90xx. If this trade confirm the H&S then the long term target should be 0.85 before heading to 0.82 if selling pressure is huge.
The lot size 0.5 AUDUSD short is still on and TP still remain 1.05. If AUDUSD gets to 1.0750 I'll add to the short position.
I'm also scooping USDCHF. If it can test 0.8680 again, I'll be long for the next push above 0.89. I will be entering a short trade on USD/SGD any time at a small lot size, from 0.1 and will gradually add on to it, at the last low 1.2220, and at successive lows on rebounds. I have reservations on the EUR/GBP trade, Euro is turning bullish since the rescue plan for portugal was agreed, and GBP is generally weak. Good luck. “small step for man”
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