Project Summary :
Duration: 08 Months , 01 Weeks
Number of Trades Total | This Month: ] 242 | 1
Winning Trades Total | This Month: 194 | 1
Pip Gain/Loss Total | This Month: +6957.9 | +63.4
07 Mar 2013 Daily review by myfxpedia.com:
Geez, we are going into today with a whole lot of high impact news. The most anticipate new for tonight that traders will be watching very closely would be the ECB rate decision. The question is would the ECB step in to actually spoil the party that put a halt on the Equity market euphoria of late and base on the last few weeks of data coming out of Europe that showed the economy in Europe is deteriorating and so a slash of interest rate by the ECB should not come as a surprise.
Yesterday, the Bank of Canada leaves rate on hold and what dragged the CAD down was the Statement that state that there are rooms for further easing and things deteriorated any further.
Anyway, as said in previous update we are now witnessing the euphoria of the market as it keeps on pushing higher on a non considerable volumes and for which we are very sceptical about this equity hype. If we take a hard good look at the facts we will see that market over the last 4 years or so has been driven by the FED and Central Banks around the world as they keep on printing money and feed hungry investors while the actual state of the economy, such as employment isn’t at all healthy or anywhere to be consider healthy.
Back in early January, in one of our update, we did gave a bold call and suggested that this rally in the market will soon be dealt with a nasty blow over the next 4 to 6 months. Yes, back in January we did stated that we do expect a Correction in the Stock Market over the next 4 to 6 months and come along the risk currencies as well. Oh well, our timeline is drawing near and yes we still do hold on to that view and this could happen in any day now, could it be this month? Or sometimes in early April just to mark the 12 years anniversary of the Tech Crash? Just have to wait and see.
Impact News today:
03:00 am (NY) CHF – Foreign Currency Reserves
04:00 am (NY) CHF – SNB Chairman Jordan Speaks
07:00 am (NY) GBP – Asset Purchase Facility; Official Bank Rate
07:45 am (NY) EUR – Minimum Bid Rates
08:30 am (NY) CAD – Building Permits; Trade Balance
08:30 am (NY) EUR – ECB Press Conference
09:30 am (NY) USD – Trade Balance; Unemployment Claims
04:30 pm (NY) USD – Bank Stress Test
06:50 pm (NY) JPY – Current Account
Technical Analysis:
EURGBP - still range bound as base on H4, we will probably see decent movement on this pair tonight after the ECB rate decision.
GBPNZD – as explain yesterday this pair is currently in a subwave5 of wave2 and if it has put on the low for this subwave5 completed @ 1.8065 then we would expect a wave3 up and creating a short term trend change. Note: This pair could go lower to retest previous low of 1.7970. We anticipated this pair is in the process of forming the base and the retrace to the upside can be very rewarding with this pair and so we only getting into this pair with small lot size.
AUDNZD – Yesterday our pending order triggered, from the chart below we can see that the pair has put in a bottom forming short term higher highs and higher lows then put on a pullback forming Flag pattern. We entered after it formed a minor support of 1.2310 by creating a triple tweezers and MACD creating a hidden bullish divergence. At time of writing the prices has now just break out of the Flag and resume the short term uptrend. If the wave count is valid then we could see a Wave3 projection which usually at least equal the length of Wave1. Chart below.
AUDNZD – H4
[url="https://myfxpedia.com/forum/myfxpedia/data/photomyfxpedia-myfxpedia-myfxpedia-daily-review-07-Mar-2013-AUDNZD-H4.jpg"][/url]
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