Forex Daily Podcast

Today we are cautious of a reversal towards a weaker US dollar short term. Unless we get some accelation of a stronger USD move this morning, we may have to consider the moves ended on Feb 13th complete or at least entering into a more complex correction. In either case a weaker US dollar would be in play. The EUR, GBP, and CHF all count better as 3 wave moves from the Feb 13 bottom than 5 wave moves, which would tend to indicate a correction. The EUR currently trades at 1.1853. The GBP currently trades at 1.7332. The CHF currently trades at 1.3143. The JPY pulled back yesterday a bit below where we expected, which stopped me out of the currency a few pips above the low. On approach I was very patient so I had a very low risk entry, which allowed me to get back in and recover my loss, but I missed a large part of the move. I hope some of you were able to grab the entire move. The USD/JPY is in the same position as the rest of the currencies, unless we get some acceleration towards a stronger USD, th