I decided to go long on Euro against dollar, buying EURUSD at 1.5570 when the pair hit its 14H moving average, based on the same reasons mentioned before.
Showing posts with label US Durable Goods Orders. Show all posts
Showing posts with label US Durable Goods Orders. Show all posts
June 24, 2008
Selling Dollar; Taking position ahead of FOMC Rate Decision
Consumer confidence, housing and manufacturing data all came weaker than expected. US stocks are in green territory now, betting on that Fed is not in a position to raise rate at least now.
I still think that there are more dollar sellers before tomorrow FOMC minutes. Durable Goods Orders and US Existing Home Sales both are due to release tomorrow, both are expected to add more concerns about the economy, making it even easier to sell dollar.
I have started to make my position. Selling USDJPY looks technically an option. I sold it at 107.84. However the best option seems to be EURUSD knowing that German CPI is ahead but I wait until technical data improve in coming hours.
I still think that there are more dollar sellers before tomorrow FOMC minutes. Durable Goods Orders and US Existing Home Sales both are due to release tomorrow, both are expected to add more concerns about the economy, making it even easier to sell dollar.
I have started to make my position. Selling USDJPY looks technically an option. I sold it at 107.84. However the best option seems to be EURUSD knowing that German CPI is ahead but I wait until technical data improve in coming hours.
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