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steveshutts

Week 9

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Retail chasers will fuel the kick & they'll be a mild handover.

 

118.29 (50% of 114.40/122.20) on the short term radar, then some flak through to the 06 summer line at 117.35, the 61.8.

 

Should attract short term specs & value chasers all the way down from 119.20 if this remains genuine.

 

tokyo, early Lndn action worth keeping tabs on off this (larger) 62% rejection.......the intraday lines (in bold) likely pullback targets if it doesn't catch a pop lower first........

 

if it smells like short covering & it tastes like short covering...........:)

 

 

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That 38% is a good fulcrum for the early hitters Buk. Once the importers & Agricul guys have done their business we'll get a snook at how much appetite these specs really have.

 

Another low printing daily bar will shine a light on this low trough 62% at the 117.5. A good bunch of stops lurking there & no mistake!

 

1st test will be a hold on 118 as Tokyo closes off.

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Morning Steve.

 

Agree Andre, that 50/38% line on Buks post will unveil the likely activity. 2nd wave fall out will be the one to lure in genuine Yen Bulls. This was simply short covering in the main.

 

The Pound/Yen shift off the 78.6 & back to test the support line at 232.20 will also run true to Cables near term axis. 32.30 is a key support & lack of att'n will be a magnet for that 231.0 figure.

 

229.10, the dual 4th Quarter 06 markers & 228.06, the 07 lows come into view on continued pressure.

 

 

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Not much materialising this morning, everyone waiting for the data prints this afternoon now.

Took a short punt on $/Yen off the failure to penetrate that 38% fib marker and asian high. Pulled that for a small loss as didn't materialise into anything. Pressure building on that fib area now, next watch area, 50% marker just above the figure there. May well see some more Yen demand there, as you guys already mentioned.

Swissy looking tired up at the 61% fib of yesterdays move but hanging out now, see what happens when the US come to the table.

Cable has dissapointingly fallen back into the range, finding support off that 61% fib marker.

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Last week, on Thursday and Friday we experienced a move back up on the Euro and Cable against the dollar. Could this have been traders positioning themselves for this coming week?

 

there's still a lot in the mix for this week Steve, but Euro hasn't really altered it's near term course as yet........

 

we'll get a better handle on events on this weeks closing bar....the only remaining (noteworthy) Eurozone data prints tomorrow/Friday with German PMI & Retail Sales.........

 

the bullish top tier channel lines are shouldering it for now, but there are clear levels underneath to climb on if you're seeking pullback opp's......

 

Cable is merely thrashing around inside this month long clack, horrible price action unless you're happy to get your hands dirty.....again, it's cocking it's head towards Stateside data direction for a lead in.....

 

 

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