Wednesday, April 02, 2008

Hey there gunslingers, what a day, huh? There is a ton of momentum behind this USD right now, but I am hesitant to go into Asia long because we are at significant USD resistance. In EURUSD the level is 1.5550, GBPUSD is 1.9720, and USDJPY into today's high of 102.15. USDJPY dealt to a 102.17 high, but has since pulled back to 101.85 level. Because the equity markets are so strong, which means traders are again in search of risk, USDJPY should be a beneficiary so I am working orders right now to get long. I am currently bidding into the lows of today's range at 101.65 with stops at 40. Again, if my bids go untouched and we head straight through the highs, I will try to stop in around 102.20 with stops below the figure for the 103.50 level shown in this morning's chart.

No comments: