Following up on the June 10, 2014 Daily Update on the 12 markets I follow, published before (by the way, the video is not up on YouTube and is available), here is what is happening in some of the Forex Majors:
EUR/USD: beautifully respected the 1.3668 short and, below 1.3568 it has the potential to move swiftly to 1.3424 and then 1.33 area
USD/JPY: respecting shorts at 102.73 and potentially into the 101 area. Below 101.56 the first target is 100.70 area
EUR/JPY: also respected the shorts at 140.16 after “busted longs” and now heading into the 137 area
EUR/CAD: also saw brisk selling, as anticipated in the weekend review, and now headed towards the 1.4617
GBP/USD: did not move much bust still respecting resistance at 1.6845. This could push price lower into the 1.6630 first target area.
AUD/USD: still in longs on the 15min timeframe. New shorts, if they materialize, will only be confirmed below 0.9317.
USD/CAD: confirmed shorts last Friday, below the 1.0961 stop level and short area that held. Next target at 1.0760.
NZD/USD: 4-hour and daily timeframes confirmed longs on top 0.8415. The 15 min is currently testing the 0.8480 longs. A pierce of the 0.8512 on the upside would confirm new longs at these levels.
Notice that price projections in my method are not from/to random levels and do not follow Elliot Wave, DiNapoli levels or other methods, but rather a proprietary method based on modeling effects of Program and Algorithmic Trading on price.
I like to help traders “level plain” the trading game showing what banks, institutions and big hedge funds are actually doing (and not what they are saying they are doing). Follow my work to learn how to spot the Algorithmic Trading footprints.
Do not forget the 3-hour Monthly Webinar event I am going to offer on Thursday June 19 at FXStreet.com. It is in 2 parts and you can check the details of the June Monthly Webinar and register here. Don’t miss it, as I am going to share very good and useful information that can help in your trading.
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