Market Forecast 02-22-12

EURUSD USDJPY EURJPY Analysis

The Euro (EURUSD) is 8 ticks off posted resistance, so the currency may bend over for a pull back . No short yet, but for traders that are long, consider moving stops to 1.3170.

Dollar-Yen (USDJPY) is flying off 60-240 minute pullbacks, but nothing new on the daily charts yet (see graph below).

USDJPY Dollar-Yen Forecast 02-20-12

The EURJPY cross also had a nice pop up, which now appears may take a breather. Agressive, short-term traders may consider selling rallies once 15-30 minute trends turn lower, for a potential pullback trade to the 104-103.50 area, where it may get another longer-term buy (see Euro-Yen chart below).

EURJPY Euro-Yen Forecast 02-20-12

Gold and Stock Market Forecast

Exit 1/3 gold (XAUUSD) long positions and move stops on remaining positions to 1738 to lock in a bit of profit.

Stocks may roll over to the south side, so be looking to sell intra-day rallies between now and March 7 in the US Stock Market, should the 30,60,240 minute trends turn down.

If you have trouble understanding the analysis above, read the February 20th post and make sure to continue visiting the forecast section of our blog to receive continuous updates on currencies, as well as on other commodities and markets.

 

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