I wish AUS was here to clear out this mess
Auslanco - GBP/JPY and GBP/USD (newstrade)
- #57,844
- Jan 8, 2008 2:39pm Jan 8, 2008 2:39pm
- Joined Nov 2007 | Status: Trader | 3,060 Posts
I wish AUS was here to clear out this mess
YES and Karmo and markam and gene and birdt and all the others!
Lets call out to them
HELP!
- #57,850
- Jan 8, 2008 2:50pm Jan 8, 2008 2:50pm
- Joined Nov 2007 | Status: Trader | 3,060 Posts
I am of the opinion GBPJPY will find support at this level and resume its push higher - as Quecee said in his original analysis.
If it breaks down, then i would probably look to add at 213.60/70. Lets wait and see...
I cOncur counselor!
- #57,852
- Jan 8, 2008 2:55pm Jan 8, 2008 2:55pm
- Joined Oct 2005 | Status: Trader | 3,596 Posts
I wonder how the asian market will digest this NY market...
NY trading was largely directionless for most of the day, with EUR/USD trading in a narrow range, and most of the action remained concentrated in the JPY-crosses. Traders started the session on more stable footing and this saw the JPY-crosses continue to recover higher. But heavy selling of JPY-crosses out of the Middle East on likely profit-taking pushed the JPY-crosses lower from there. US stocks opened modestly higher, trying to build on the first positive close of 2008 yesterday, but it was no to be. Rumors swirled that the largest US mortgage lender was going to file for bankruptcy and its stock was pummeled, dragging the rest of the financials lower, and eventually all the major indices. Around 1 pm the troubled mortgage lender issued a statement denying the rumors and saying there is no substance to them. Stocks recovered quickly back to slightly positive territory, but could not make any further upside progress. The overhang of pessimism and doubts emanating from the financial sector soon fed into broader based selling and the afternoon was marked by steep declines (nearly 2%) in US equity indexes, pressuring USD/JPY and the JPY-crosses back to the lows of the day. US data saw Nov. pending home sales, a leading indicator of existing home sales, fall -2.6% (exp. -0.7%), while the Jan IBD/TIPP Economic Optimism came in lower, but better than expected at 43.2 (exp.43.0). Phila. Fed Pres. Plosser noted his concern on elevated inflation levels, but conceded that a weaker US outlook would likely require additional rate cuts. Futures markets increased bets that the Fed would cut rates by 50 bps, raising the likelihood to 74% in favor of a ½% cut, up from 68% yesterday.
NY trading was largely directionless for most of the day, with EUR/USD trading in a narrow range, and most of the action remained concentrated in the JPY-crosses. Traders started the session on more stable footing and this saw the JPY-crosses continue to recover higher. But heavy selling of JPY-crosses out of the Middle East on likely profit-taking pushed the JPY-crosses lower from there. US stocks opened modestly higher, trying to build on the first positive close of 2008 yesterday, but it was no to be. Rumors swirled that the largest US mortgage lender was going to file for bankruptcy and its stock was pummeled, dragging the rest of the financials lower, and eventually all the major indices. Around 1 pm the troubled mortgage lender issued a statement denying the rumors and saying there is no substance to them. Stocks recovered quickly back to slightly positive territory, but could not make any further upside progress. The overhang of pessimism and doubts emanating from the financial sector soon fed into broader based selling and the afternoon was marked by steep declines (nearly 2%) in US equity indexes, pressuring USD/JPY and the JPY-crosses back to the lows of the day. US data saw Nov. pending home sales, a leading indicator of existing home sales, fall -2.6% (exp. -0.7%), while the Jan IBD/TIPP Economic Optimism came in lower, but better than expected at 43.2 (exp.43.0). Phila. Fed Pres. Plosser noted his concern on elevated inflation levels, but conceded that a weaker US outlook would likely require additional rate cuts. Futures markets increased bets that the Fed would cut rates by 50 bps, raising the likelihood to 74% in favor of a ½% cut, up from 68% yesterday.
I am of the opinion GBPJPY will find support at this level and resume its push higher - as Quecee said in his original analysis.
If it breaks down, then i would probably look to add at 213.60/70. Lets wait and see...
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I wonder how the asian market will digest this NY market...
NY trading was largely directionless for most of the day, with EUR/USD trading in a narrow range, and most of the action remained concentrated in the JPY-crosses. Traders started the session on more stable footing and this saw the JPY-crosses continue to recover higher. But heavy selling of JPY-crosses out of the Middle East on likely profit-taking pushed the JPY-crosses lower from there. US stocks opened modestly higher, trying to build on the first positive close of 2008 yesterday, but it was no to be. Rumors swirled that the largest US mortgage lender was going to file for bankruptcy and its stock was pummeled, dragging the rest of the financials lower, and eventually all the major indices. Around 1 pm the troubled mortgage lender issued a statement denying the rumors and saying there is no substance to them. Stocks recovered quickly back to slightly positive territory, but could not make any further upside progress. The overhang of pessimism and doubts emanating from the financial sector soon fed into broader based selling and the afternoon was marked by steep declines (nearly 2%) in US equity indexes, pressuring USD/JPY and the JPY-crosses back to the lows of the day. US data saw Nov. pending home sales, a leading indicator of existing home sales, fall -2.6% (exp. -0.7%), while the Jan IBD/TIPP Economic Optimism came in lower, but better than expected at 43.2 (exp.43.0). Phila. Fed Pres. Plosser noted his concern on elevated inflation levels, but conceded that a weaker US outlook would likely require additional rate cuts. Futures markets increased bets that the Fed would cut rates by 50 bps, raising the likelihood to 74% in favor of a ½% cut, up from 68% yesterday.
If i look at my chart it looks like we will see 213.57/86 before a major retraced back to 219.24 about or maybe 221.94 look at your 4hr still has some way down to go. 1D chart looks like it can give us a good move upwards.
maybe i am reading it wrong.
I have a PROBLEME POSTING A CHART PLEASE HELP.
Thanks carl