Author Archives: Trade Advantage

S&P 500 (Mar 13) INTRADAY Review Yesterday’s Strategy was tick perfect as the poor pending home sales weighed on the market with a worse print showing a -4.3% decline MoM. This came after the market reached the holy grail for many bulls of 1500.00. The respite for bears was minute however as just after hitting our long entry the S&P rebounded to reach our target one at 1497.75. This morning The S&P has drifted lower as the momentum to the up side at these levels starts to wane in

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The currency pair was surprisingly lacklustre yesterday

Review: Investors on hold The US: Mixed economic indicators. Durable goods orders offered a positive surprise (+4.6%; estimate: +1.9%). This caused USD to appreciate. However, an hour and half later, the market turned around in the wake of very poor figures for housing sales in December (-4.3% against the estimate of +0.4%). On the whole, on a net basis USD weakened on the economic indicators. The home sales figures released yesterday will add to the focus on the home price figures to be

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Investors on hold

EUROSTOXX 50 (Mar 13) INTRADAY Review The first session of this week entailed a relatively slow phase of consolidation at the highs, with the price still showing signs of being accepted at the current elevated levels. Our yesterday’s entry long at 2,740 was reached following the early morning downtick and out first profit target at 2,754 was reached thereafter. Overall, a clunky session in terms of trading momentum as markets await notable macroeconomic data scheduled throughout the week.

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EUR/USD entered a phase of consolidation that spanned yesterday’s session

Forecast for 29th January 2013 Spot Euro EURUSD failed just below the 2012 high of 1.3486 at Friday’s high of 1.3479 to form a very small double top. We are approaching major long term resistance here with weekly 50% Fibonacci target of 1.3491 and again this is a very important long term resis- tance level plus we have the 200 week moving average just above at 1.3529. With the market very over bought on weekly and daily charts the 1.3479/91 resistance area should trigger profit taking after 6

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Spot Euro, Eurostoxx, FTSE 100, E-Mini S&P, Dax, DJIA, Apple (AAPL), Gasoil ICE, Natural Gas

S&P 500 (Mar 13) INTRADAY Review Our strategy was spot on for Friday’s session with the sell off at 15.00 following some disappointing housing data dragged the index down to test our long entry level at 1491.50. The low of the day was found here and then those that were patient enough in the slow conditions were able to benefit from our first profit target being hit at 18.40 as the S&P ground higher to finish the week with a full house of positive sessions. Our second target was 1500

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The currency pair was trending upwards on Friday

Review: LTRO repayments surprise. Europe: LTRO repayments offer positive surprise 278 banks will repay EUR 137.2bn of the LTRO 1 allotments. In future it will be possible to announce further repayments once a week. The European money market rate has skyrocketed. Cyprus: Fitch downgrades its credit rating of Greece from BB- to B The UK: The coming central bank governor: “central banks can be flexible” Current governor of the Bank of Canada, Mark Carney, is the coming governor of the Bank of

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LTRO repayments surprise and strengthen EUR

Spot USDJPY The USDJPY reaching 91.26. This week we are looking for 91.48 as the next target. This may trigger some profit taking so watch for a pull back but if we break higher again in this powerful run look for 92.08/12. A drift lower should find support at 90.50 then 90.04. Unlikely we fall any further for today but look for 89.66 then 89.28 as further support.

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Spot USDJPY, Topix , Hang Seng CE Index, Hang Seng, JGB, Kospi, Nikkei, Straits

EUROSTOXX 50 (Mar 13) INTRADAY Review Friday’s session started on a positive note for the Eurostoxx 50, with the index opening higher and proceeding to grind higher throughout the rest of the session. The index posted the second largest daily gain since the start of the year (+1.32%), setting a new high for the year (2,753) and closing on the high print. Our Friday’s entry short at 2,729 was stopped out following the break of the three-week range. Strategy The European economic calendar for

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Friday’s session started on a positive note for the Eurostoxx 50

Forecast for 28th January 2013 Spot Euro EURUSD broke resistance is at 1.3395/1.3405 but failed just below the 2012 high of 1.3486. We are approaching major long term resistance now here therefore. The weekly 50% Fibonacci target of 1.3491 sits just above here and again this is a very im- portant long term resistance level plus we have the 200 week moving average just above at 1.3529. Clearly with the market very over bought on weekly and daily charts the 1.3486-1.3529 band will have to be

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Spot Euro, FTSE 100, Dax, DJIA, Eurostoxx, E-Mini S&P, Apple (AAPL)

Forecast for 28th January 2013 Spot USDJPY The USDJPY broke 90.13/25 highs and continued through the next target of 90.79 reaching 91.19. This week we are looking for 91.48 as the next target. This may trigger some profit taking so watch for a pull back but if we break higher again in this powerful run look for 92.08/12. A drift lower should find support at 90.46 then 90.00. Unlikely we fall any further for today but look for 89.63 then 89.26 as further support.

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Spot USDJPY, Straits Times, Topix , Hang Seng CE Index, Hang Seng, JGB, Kospi, Nikkei

S&P 500 (Mar 13) INTRADAY Review We had a long bias again yesterday which proved to be correct as the S&P shrugged off disappointing Apple earnings and continued its relentless climb towards the 1500 handle. The close came at 1491.75 to make it six up days in a row as the S&P breached the 5% gain level on the year. Chinese and German manufacturing numbers offset the bad earnings and then the Initial Jobless claims posted a five year low to add to the previous week’s strong number

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We had a long bias again yesterday which proved to be correct

Review: George Soros expect EUR to strengthen and JPY to weaken Denmark: The central bank raises its interest rate by 10 basis points. Japan: Most untrustworthy politicians and a central bank governor who disagrees. – Japan’s finance minister (Aso) stated that the policy is solely aimed at inflation – not the currency. A most untrustworthy statement considering that the Japanese politicians tend to discuss JPY to a greater extent than inflation/deflation. – Moreover, the Japanese central bank

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Pay attention to LTRO repayments

EURUSD is approaching major long term resistance now. The weekly 50% Fibonacci target of 1.3491. This also happens to coincide with last year’s high of 1.3487 and we have the 200 week moving average just above at 1.3529. If attempting shorts here we would use a stop above 1.3580.

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EURUSD heading for major resistance

1minute with ForexSurvivor

EUROSTOXX 50 (Mar 13) INTRADAY Review The Eurostoxx started yesterday’s session with a gap lower and a bout of downside volatility which brought the index just below Tuesday’s low. However, the downside momentum turned out to be short lived as improving PMI data from Germany and the EU provided a positive backdrop to the session. Having tested Tuesday’s low the Eurostoxx reversed and managed to span the week-long range to the upside by the European cash close. Our yesterday’s entry short at

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The Eurostoxx started yesterday’s session with a gap lower

Forecast for 25th January 2013 Gasoil ICE Feb contract Gasoil did push through 974 as hoped but could not reach our next target of 977.08/979.19. We could try for this today but this is very tough resistance and with the market starting to look over bought, this area should trigger profit taking for the week. However if attempting shorts we need a stop above 981.25 for 982.75 then 989.25 in to next week. Support at 968/967.25 but below here we could see 964/963.50. A break below 961 however

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Gasoil ICE, Natural Gas

Market Review – 24/01/2013 23:18 All times in GMT Yen tumbles due to Japanese official’s comments The Japanese yen tanked sharply on Friday as Japan Deputy Economic Minister Nishimura said the decline of yen is not over and it is no problem with the dollar hitting 100 yen. The single currency was supported as better-than-expected Germany PMI data showed the worst situation of the euro zone debt crisis may have gone. Versus the Japanese yen, although the greenback initially dipped to 88.42 in

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Yen tumbles due to Japanese official’s comments