It’s been a tough month – and the timing hasn’t been great.
Usually I’ve got more to say than most people care to hear, and rattle off trade ideas like nobody’s business – but considering I jumped off the short JPY train some time ago ( and have been looking for a weaker USD) there really hasn’t been alot to talk about.
When trading Forex it’s not at all unusual to go for weeks without seeing a decent move, and considering the current state of affairs (with such Central Bank participation) it’s a much better idea being “inactive” than getting caught on the wrong side of something bad.
We can all agree that the market fundamentals have already jumped off a cliff – and from a purely technical standpoint we are sitting in a precarious spot.
Both AUD and NZD are really at the low end vs USD – and are either gonna hang on to long term areas of support – or get ugly. The Aussie (being a pretty nice proxy for risk) really needs to show some strength here.
The next two sessions will really be key as USD ( safe haven ) pushes against large overhead resistance.
We’ve waited this long – what’s another day er two?
If you enjoy the content at iBankCoin, please follow us on Twitter
Hi Kong, could you tell me your thought for PM mid to long turm? Thanks.
In a general sense I feel that as long as the liquidity keeps pumping – there isn’t a real need / interest in owning the PM’s. As well, any sudden rise in gold (in US dollar terms) would undermine the Fed’s efforts to weaken the dollar.
Taking “Gold off the table” has closed yet another door to investors, bonds and savings/cash produce “zero” – leaving the only available option….
equities.
I do feel that PM’s have more or less bottomed though – regardless of the exact level ( give or take 50 – 100 buks ).
Great investment – but dead money to me as it could just as easily trade sideways for the rest of year.
Thanks Kong !