EURJPY March 11
March 11, 2011
EURJPY was one pair at least that did not follow suit with the Tsunami / Earthquake news and cause a huge demand for Yen, we actually saw JPY push EUR down today before much of the other moves happened and keep it near 113.50 levels which is a weekly pivot as well, so no tremendous volume on this toward the downside like on the other Yen crosses.
In this chart I point out a great spot not only where price action gets us in, this candle stick set up engulfing bear candle strong rejection of 115.03 and a 200 pip move down to 112.75 before bouncing back another 100 pips to 113.70 where it is today. Many new traders see this in pip value, I see this in percentages and overall value, EURJPY lost almost 3% of its value today before giving back another 1% (if we’re dealing with 115Euro per 1JPY, then 115 down to 112 in one day is significant and telling about the future for EURO not the Yen necessarily.
Im going to keep my eye on the debt woes out of the Eurozone next week.
NZDUSD March 11
March 11, 2011
NZDUSD really started to make some gains against the dollar today after weeks of decline but for next week I would be unsure as to an overall direction.
USDCAD March 11
March 11, 2011
This chart is not up to date for Firday’s close, USDCAD gave back a large part of the gains it made today but not the total amount, maybe 70% in one day. So, for next week it is quite unsure, I was actually seeing things brighten up for the dollar but after today’s force of rejection for dollar demand I just don’t know.
On the move up before the large fast spike down we have a few areas on the up trend where the USDCAD retraces, get long and make some pips.
USDJPY March 11 – Yen Gaining on Earthquake/Tsunami
March 11, 2011
Defying my own expectations of a decline for the Yen, it was actually strengthened so much so that it wiped out a week of gains made by the dollar in one day, as you see I had a USDJPY chart prepared then so much extra volume came in the few hours I was asleep at the end of Friday I was forced to create a new chart.
For next week it is quite unpredictable due to the Earthquake and Tsunami disasters hitting Japan all at once but for now I would take care in my entries and always use a logical stops. Tough day to weather this pair no pun intended at all. In fact, I was commenting, EURUSD, AUDUSD and now USDJPY all gained on the dollar today after the Tsunami news had been digested into the markets; why would the dollar be more affected by the Japanese Earthquake and Tsunami than the Japanese Yen itself? Because we don’t even see much selling or buying on the EURJPY, almost laying dormant today except for a move from 113.00 to 114 that did not involve large spikes like the one we see here.
AUDUSD March 11 – Wacky Friday Trading
March 11, 2011
AUDUSD is another pair I had an good chart prepared for, went to sleep, woke up and was in the stratosphere again, over 150 pips up from todays low! So in chart one we see a large decline on AUDUS all day yesterday and today until chart two when news obviously came out affecting USD against many pairs.
But as you can see within a few short hours, days of declines were wiped out and AUDUSD is approaching 1.02 again; so for next week will we see continued buying in this pair? Your guess is as good as mine.
So, EURUSD and AUDUSD made an almost identical decline the past few days and an identical reversal on late Friday. Food for thought.
