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  • Markets today are exhibiting the usual signs of uncertainty in light of a new month that has not exactly gotten off to the best start. Among currencies, the Euro, Pound, Canadian dollar, and Australian dollar all showed weakness against the dollar. USD/JPY on the other hand clearly exhibited dollar strength, as a surge to 101.00 is currently under way. The one currency that has managed to buck the trend has been the New Zealand dollar which only narrowly is holding on to gains. Nevertheless, the main driving force is the drop on the Dow today. However, as a sign of resilience in even a down market, the Dow rebounded off of exaggerated losses that extended down by nearly 150 pips to close down 41.74.

TRADE IDEAS

  • Trades to Watch
  • Trades in Progress
currency trade idea
GBP/USD
Medium term



Buy Buy at 1.5702
Stop at 1.5676
Target at 1.5742
CHF/JPY
Medium term



Sell Sell at 83.7900
Stop at 84.02
Target at 83.44
currency trade idea
GBP/JPY
Medium term
Opened 2/1/2012
Buy Long from 121.0500
Stop at 120.17
Target at 121.9
USD/CAD
Medium term
Opened 1/31/2012
Sell Short from 0.9990
Stop at 1.0078
Target at 0.9905
AUD/NZD
Medium term
Opened 1/31/2012
Sell Short from 1.2870
Stop at 1.295
Target at 1.273
These are hypothetical trades and should not be relied upon as a substitute for independent research.

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