Eur got support at weekly kumo lower band and made a spike reversal after hitting 1.3370. As commented yesterday, 1.3370 is only a stop. Market took the news that eur may cut rate as good news and triggered the retracement. Don't be kidding that cutting rate can solve the problem. It was only a technical rebound and month end profit taking. It is outlined in Prosticks map. Sit tight with short with stop at 1.3810.
The performance of the British Pound yesterday was the best one in the non-us currencies. Despite yesteray's roller coaster move in the FX world, Gbp did not make any fresh low. Our short position was done at low level .Suggest to lower stop to break even to minimize risk. A very volatile month end is in the horizon.
The spike reversal was quite impressive. Short covering may drive the currency back above parity. Suggest to lower stop to 0.9950 to protect profit.
Yen was immune from yesterday's madness. Our stop sell instruction will still be valid. In addition , we will suggest to stop buy again at 76.85. If fill, use the opposite side as stop.
Cross closed back above historical low at 118.80. Our short position is enjoying a huge profit. Suggest to exit short right at the opening.
The spike reversal may signify temporary bottom. Suggest to exit short for profit right at the open.
It is the fifth time within a month that gold flushed down for over $80. Yesterday's high and low for $131 was the biggest one. Market dipped and closed well below kumo confirmed that bulls were dead. Sit tight with short with stop at 1725.
More Exclusive Reporting on Prosticks and Ichimoku Charting are available on IBTRADE.
Forex research by ForexTV.com