June 9, 2009 Opportunities

June 9, 2009 6:19 am (Manila)

I'm seeing some good opportunities forming-up today on these pairs:

EUR/USD

Fundamental: German and French Trade balances are due to come out this afternoon, both expected to be better than previous month. Good for the Euro.

Technical:
- A hammer formed on the daily chart yesterday.
- Pair bounced-off a trendline and 61.8% fibonacci (April 22-June 8)
- Pair bounced off 20-day MVA

Strategy: Go LONG, wait for setup on the hourly chart.


GBP/USD

Fundamental: RICS (Royal Institution of Chartered Surveyors) House Price Balance data comes out at 7am today, expected to be less negative than previous. Good for the Pound.

Technical:
- Morning star formation the past three days, suggesting more buying momentum.
- Pair bounced of a trendline and 38.2% fibonacci (April 22- June 8)
- Pair bounced off 20-day MVA

Strategy: Go LONG. Buy upon RICS announcement or wait for setup on the hourly chart.


USD/CAD

Fundamental: Oil prices comtinue to rise. Good for the CAD.

Technical:
- Shooting star formation on the daily chart yesterday.
- Failure off trendline and 50% fibonacci (May 18-June 8)
- Failure off 20-day MVA

Strategy: Go SHORT upon setup on the hourly chart.

That's my forecast for today. Let's see what happens.