After throwing in the towel yesterday I feel much better..
The ass is falling out of these markets yet again this morning, as China has again increased its reserve requirements by 0.5%....basically for those that don´t quite understand this, raising the reserve requirement is a club to to head for banks and their lending.commodities and the ccommodity currencies will be getting hit hard.
Daily indicators are reversing so I would be looking for this current leg to be the last in this current trend.. Expect Eur/Usd to find support at the daily 61.8 fib and channel support toward 1.3480 ish, Gbp/Usd at channel support 1.5510, Aud/Usd is sitting on channel support after a break of the hrly 400 ema a break here would see us targetting 0.8730. Usd/Chf has channel res at 1.0829.
The yen crosses I will have a look at in a bit, but 78.68 previous res now turned support should be the tgt of this down move.
Open Trades
Gbp/Usd - Short 1/2 1.5700 stop 1.5700 tgt 1.5510
Aud/Usd - Short on break of hrly 400 ema MISSED... sleep always gets in the way..
Xag/Usd Spot Silver - short 1/2 @ 16.81 stop 16.00
Closed 1/4 @ 16.25.
Closed 1/4 @ 15.65.
Closed 1/4 @ 15.45 Reversed @ 15.40
Eur/Chf - long 1.4575 stop 1.4620
Closed 1/4 @ 1.4703
Working 1/4 tp @ 1.4750
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