Daily Forex Market Analysis - 15 Sept 2008

Filed Under (Daily Forex Market Analysis) by Trader on 16-09-2008

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Below is an extract of the daily Forex Market Analysis Report that Clarence Chee sent out to his Forex Trading students on the morning of 15 Sept 2008 regarding the outlook of the Forex market and his trading plan for the day.

EUR/USD

Based on the Fib Levels drawn from Sep 8 high to Sep 11 low:

1. We are looking to buy the pair based on TNT (PIPS) signals above 1.4155 (50% Fib Level) or the PIPS Weekly Pivot, whichever is higher, with possible target profit at 1.4300 followed by 1.4350, or

2. We are looking to sell the pair based on TNT (PIPS) signals below 1.4155 (50% Fib Level) or the PIPS Weekly Pivot, whichever is lower, with possible target profit at 1.4000, followed by 1.3882 and 1.3840.

For both cases, prices must be trendy and not choppy.

GBP/USD

Based on the Fib Levels drawn from Sep 11 low to Sep 12 high:

1. We are looking to buy the pair based on TNT (PIPS) signals above 1.7837 (23.6% Fib Level) or the PIPS Weekly Pivot, whichever is higher, with possible target profit at 1.8000, followed by 1.8100, or

2. We are looking to sell the pair based on TNT (PIPS) signals below 1.7837 (23.6% Fib Level) or the PIPS Weekly Pivot, whichever is lower, with possible target profit at 1.7762, followed by 1.7701 and 1.7640.

For both cases, prices must be trendy and not choppy.

USD/CHF

Based on the Fib Levels drawn from Sep 4 low to Sep 11 high:

1. We are looking to sell the pair based on TNT (PIPS) signals below 1.1319 (23.6% Fib Level) or the PIPS Weekly Pivot, whichever is lower, with possible target profit at 1.1260, followed by 1.1212, or

2. We are looking to buy the pair based on TNT (PIPS) signals above 1.1319 (23.6% Fib Level) or the PIPS Weekly Pivot, whichever is higher, with possible target profit at 1.1360, followed by 1.1416 and 1.1463.

For both cases, prices must be trendy and not choppy.

USD/JPY

Based on the Fib Levels drawn from Aug 15 high to Sep 5 low:

1. We are looking to sell the pair based on TNT (PIPS) signals below 107.47 (38.2% Fib Level) or the PIPS Weekly Pivot, whichever is lower, with possible target profit at 106.72, followed by 106.30 and 106.06, provided the global stock market is bearish, or

2. We are looking to buy the pair based on TNT (PIPS) signals above 107.47 (38.2% Fib Level) or the PIPS Weekly Pivot, whichever is higher, with possible target profit at 108.30, followed by 108.97, provided the global stock market is bullish.

For both cases, prices must be trendy and not choppy.

EUR/JPY

Based on the Fib Levels drawn from Sep 8 high to Sep 11 low:

1. We are looking to buy the pair based on TNT (PIPS) signals above 152.25 (50% Fib Level) or the PIPS Weekly Pivot, whichever is higher, with possible target profit at 154.05, followed by 154.92 and 155.20, or

2. We are looking to sell the pair based on TNT (PIPS) signals below 152.25 (50% Fib Level) or the PIPS Weekly Pivot, whichever is lower, with possible target profit at 151.13, followed by 150.73 and 149.60.

For both cases, prices must be trendy and not choppy.

USD/CAD

Based on the Fib Levels draw from Sep 11 high to Sep 12 low:

1. We are looking to sell the pair based on TNT (PIPS) signals below 1.0640 (23.6% Fib Level) or the PIPS Weekly Pivot, whichever is lower, with possible target profit at 1.0532, followed by 1.0466, or

2. We are looking to buy the pair based on TNT (PIPS) signals above 1.0640 (23.6% Fib Level) or the PIPS Weekly Pivot, whichever is higher, with possible target profit at 1.0702, followed by 1.0741.

For both cases, prices must be trendy and not choppy.

AUD/USD

Based on the Fib Levels drawn from Sep 11 low to Sep 12 high:

1. We are looking to buy the pair based on TNT (PIPS) signals above 0.8153 (23.6% Fib Level) or the PIPS Weekly Pivot, whichever is higher, with possible target profit 0.8200, followed by 0.8295, or

2. We are looking to sell the pair based on TNT (PIPS) signals below 0.8153 (23.6% Fib Level) or the PIPS Weekly Pivot, whichever is lower, with possible target profit at 0.8104, followed by 0.8065 and 0.8026.

For both cases, prices must be trendy and not choppy.

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