Sep3 – Market Analysis

Equity markets and commodity markets are fairly stable.  Markets continue to watch developments in Syria closely.

Recall that there are a lot interest rate meetings this week, as well as a number of other economic announcements for various currencies.

No significant changes in the FX relative strength matrix.  However on the momentum side, there is definitely momentum towards Sterling, and the Aussie dollar, to a lesser extent to JPY and CHF and momentum against USD and EUR.  Thus even though CHF and EUR rate the highest on the matrix, I would be hesitant to buy these currencies as the momentum seems to be against them.

The only strength/weakness combination with a S1/S2 setup continues to be GBPJPY, which has not retraced since my winning trade on it.  Interestingly my decision on where to put the target turned out to be bad, since price catapulted through what I thought might be a resistance at 153.40, and is now trading 154.80!!

No orders to enter into the market, based on my trading strategy parameters.

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