* S&P on track for best month in almost 25 years* Copper prices slide 1.5 percent* MF Global files for bankruptcy, shares halted* Indexes off: Dow 1.2 pct, S&P 1.2 pct, Nasdaq 0.8 pctBy Edward Krudy NEW …
Trade Idea Wrap-up: USD/CHF – Stand aside
October - 31 - 2011
As the greenback has rebounded again after holding above the Kijun-Sen, suggesting near term upside risk remains for a test of 0.8750, break there would add credence to our view that a temporary low has been formed at 0.8568 last week, the rebound from there should bring retracement of recent
Trade Idea Wrap-up: GBP/USD – Hold short entered at 1.6070
October - 31 - 2011
Although the British pound has continued to edge higher in part due to cross- buying in sterling, as long as the Ichimoku cloud top (now at 1.6082) holds, further consolidation is seen with downside bias for another retreat, below the Ichimoku cloud bottom (now at 1.6016) would suggest intra-day top
Trade Idea Wrap-up: EUR/USD – Buy at 1.3920
October - 31 - 2011
Although the single currency has fallen again after brief recovery and the decline from last week’s high of 1.4248 may bring a stronger retracement of recent upmove to previous resistance at 1.3920, however, reckon downside would be limited to 1.3900 and bring rebound later. Above the Tenkan-Sen (now at 1.4002)
Trade Idea Wrap-up: USD/JPY – Buy at 77.70
October - 31 - 2011
Dollar’s retreat after intra-day rally to 79.55 suggests the reversal from record low of 75.31 has formed a minor top there and consolidation with mild downside bias is seen for retracement to 77.65/70, however, reckon the Kijun-Sen (now at 77.55) would limit downside and bring another rise later. A break
A Very Busy Week ahead
October - 31 - 2011
Fireworks are almost guaranteed this week after the recent blowout finish to the risk rally last Thursday in the wake of the EU summit. Also JPY intervention was an interesting test of the market today.
As we said on Friday, this week is chock full of event risks and this
Trade Idea: EUR/GBP – Hold long entered at 0.8735
October - 31 - 2011
Despite last week’s rise to 0.8831, the subsequent sharp retreat suggests caution on our long position entered at 0.8735 and 0.8695/00 needs to hold to retain bullishness for another rebound later. A break of said resistance would add credence our view that the retreat from 0.9083 (wave B top) has
Trade Idea: USD/CAD – Hold short entered at 1.0000
October - 31 - 2011
As the greenback has rebounded after falling to 0.9892 last week, as long as intra-day high of 1.0028 holds, bearishness remains for recent fall from 1.0658 top to resume after consolidation. We keeping our view that A-B-C correction from 0.9407 low has ended at 1.0658 and below said support at