EurAnalysis

You asked for it and I'm delivering.

Long U/CAD at 1.0206 with a small position. Will add on as trade progresses.
My ultimate target is 1.06 area. No stop loss at this time.

http://www.cartoonstock.com/newscart...es/cgan37l.jpg

Been hovering around 98ish
dam had shorts in from friday
Normally 96000,I keep going long EUR/US
taking pips on the dips
Can't stay up for ever

good poetry.

This might give the E/U a big enough boost to trigger my waiting sell limits... hopefully. Hope is all I got right now

Ah - I see that I was preaching to the converted - but aiming for those here who are less experienced.....

Cable hit my TP for this morning at its MR1 pivot level, so my morning quota is banked and I'll take a break.....

Good morning,

Well this is not the direction I was hoping for to wake up to. Glad I got up early though... Closed yesterday's shorts for 1/2 of what I could have taken and opened a long at 1.2270. Let's see how far this goes...

mmm. Maybe 2270? J/K

Morning bud. I went long crude last night @ 83.75. Signal on 15min TF after fractal support @ 83.65.

Hehe.

I'm thinking 1.2310 which would be the 76.4% FIB line on yesterday's move down.

still in the short-term range

dollar index H1

I just realized that I haven't posted my E/U chart yet today, so here it is. My sincere apologies.

E/U H4

i have a limit sell at 12370 a safe trade... i think!

If we can manage to break the 55 hour ema, then yes. Otherwise 1.2295 area is the cap which is also the 61.8 fibo from yesterday's high to low.

My view (and keep it in that context as just my view) is that 1.2360 is more likely where one would expect a rejection, rather than 1.2370. I'm thinking that if it makes it to 1.2370, it's not stopping till 1.2395/1.2400

Peregrine Financial files for liquidation

By Arash Massoudi in New York



Peregrine Financial Group has filed for liquidation in a US bankruptcy court in Chicago, just one day after the chief executive of the futures broker apparently attempted suicide.

The bankruptcy petition was signed by Russell Wasendorf Jr, chief operating officer and son of Peregrine’s chief executive and founder.

1. Lex Peregrine Financial Group
2. Peregrine woes exacerbate industry gloom
3. Peregrine accused in $200m fraud case
4. FT Alphaville Thought leadership from PFGBest
5. Regulator freezes operations of Peregrine

An accompanying board resolution said that Russell Wasendorf Sr gave his son power of attorney to act for him and on his behalf in the event of his incapacitation on July 3, just six days before police reported that he tried to take his own life.

The resolution, dated July 9, said the company’s board consisted of Mr Wasendorf Sr and Mr Wasendorf Jr. The decision to liquidate, it said, followed Mr Wasendorf Sr’s incapacitation on Monday which led to a special meeting of the board.

Earlier on Tuesday, regulators charged Peregrine and Mr Wasendorf Sr, who remains in a coma in an Iowa hospital, with running a $200m fraud after a check of the company’s accounts revealed a dramatic shortfall in its segregated customer accounts.

Peregrine, which did business as PFGBest, and Mr Wasendorf Sr committed fraud by misappropriating and failing to segregate customer funds and making false statements to the commission, the lawsuit said. The Federal Bureau of Investigation has joined the investigation.

The civil complaint, brought by the Commodity Futures Trading Commission, said Peregrine kept only $5.1m in a customer account the company falsely said held more than $220m. It added that shortfalls had dated from at least February 2010.

The CFTC’s civil lawsuit marks a new black eye for the futures industry as it attempts to rehabilitate its reputation after the failure of broker MF Global last year. That collapse left behind a $1.6bn hole in customer accounts.

In the Chapter 7 filing, Peregrine said it had assets of between $500m and $1bn and liabilities in the range of $100m to $500m. The company had between 10,000 and 25,000 creditors.

The liquidation filing follows a chain of events that began Monday morning when police responded to a report that Mr Wasendorf Sr had been found after a possible suicide attempt outside Peregrine’s headquarters in Iowa.

A police report seen by the Financial Times on Tuesday said that a note was found at the scene that indicated “possible discrepancies with accounts at Peregrine Financial Group”.

After the suicide attempt, the National Futures Association, a self-regulatory body, received information that Mr Wasendorf “may have falsified certain bank records”, according to the CFTC.

Thank you CM

There are several key levels at the 1.2295, the 55EMA, the 61.8% FIB and the 83.255 on US$. Failure of these will bring us to the 100SMA on the hourly which right now sits at 1.2320.

So far this is the 4th day the USDX is in a very tight range of 83.255 and 83.635. Looks like we are preparing for a serious move...

http://www.actionforex.com/action-in...0120711169682/

Daily Report: EUR/USD Hit Two Year Low on ESM Delay

Euro dipped to another two year low against dollar after Germany's Constitutional Court delayed its decision on Eurozone's permanent bailout fund ESM. While the German's parliament ratified legislation on ESM back in June with overwhelming majority, lawsuits from citizens put the bailout fund and fiscal pact on hold . After a 12 hours hearing, the Constitutional Court could not make a decision on ESM's legality and it could take months, rather than weeks before reaching a conclusion. ESM is originally expected to replace the temporary bailout fund EFSF in early July, but it couldn't come into operation before German's ratification of the treaty.

Finance Minister Schaeuble warned that a delay in the activation of the ESM "could lead to a significant worsening of the current crisis" and create "broader uncertainty in markets far beyond Germany and a huge loss of confidence in the euro area". It should also be noted that all the recent talk of direct recapitalization of banks and breaking the vicious circle between banks and sovereigns requires an operational ESM plus a region wide banking supervision body. Without that, all solutions would be temporary.

Fitch affirmed US' AAA credit rating but outlook remained negative. Fitch noted that the rating is "underpinned by its highly, diversified and wealthy economy; monetary and exchange rate flexibility; and the exceptional financing flexibility afforded by the global reserve currency status of the U.S. dollar." Also, the agency noted that "fiscal and macroeconomic risks emanating from the financial sector are moderate and diminishing". Fitch expects that the economy will gradually accelerate into 2013 and 2014.

And Fitch doesn't expect to "resolve the Negative Outlook until late 2013".

FOMC minutes will be a major focus today and would likely strike a dovish tone and show that Fed officials are leaning towards additional easing.

However, as the meeting covered by the minutes was immediately followed by Bernanke's press conference, most information should have been covered by the Fed chairman already. Hence, we might not get much new information today and reactions could be muted.

On the data front, Japan tertiary industry index rose 0.7% mom in May while domestic CGPI dropped sharply by -1.3% mom in June. Australian Westpac consumer sentiment rose 3.7% in July. German CPI, Canada trade balance, US trade balance and wholesale inventories will be featured later today.