Daily watch points…
- kevinmhughes
- February 7th, 2010
Here are the daily levels I’m watching out for on the $EURUSD and $USDJPY.
- The 55, 100 & 200 day EMA’s are all pointing to a weaker $EUR
- Look for a breakdown below 1.3546
– if that level holds (assuming we head there first) and the $EUR looks to bounce, I’ll be playing the bounce to th 1.3768 level
- Once support is broken below 1.3546, we should make a run for the 1.3330 support
- Watch your Gold ($GC_F) positions!!
- The 55, 100 and 200 day EMA’s are going sideways
- The pair bounced right up from it’s strong support at 88.57 on Thursday
- We may head back to retest the 90.75 level with a break above 89.92
- A breakdown below the 88.75 level we should see the 87.00 level
- I’m anticipating some $JPY weakness; with $JPY weakness, comes equity strength
– But play the charts!!
- If the $JPY strengthens and continues its course, we will see further equity slaughter
We have $CL_F numbers coming out on Tuesday at 10:30 am EST so watch your $AUDUSD, $NZDUSD & $USDCAD positions that day.
Kevin Hughes is the President & Head Trader at K.M. Hughes & Associates, Inc. in Charlotte, NC; a currency trading firm. If you would like to find out more about Kevin and/or his company, please visit www.hughesincorporated.com
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Lydia Idem has been investing in equities for 16 years and trading currencies actively for 5 and a half years. Her trading style is simple and short term. With a special feel for sterling, Lydia trades almost exclusively the GBPUSD and EURGBP. (more)You can follow Lydia on Twitter and StockTwits
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