Daily Forex Market Analysis - 5 Sept 2008

Filed Under (Daily Forex Market Analysis) by Trader on 07-09-2008

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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 5 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 1 high to Sep 4 low:

1. We are looking to sell the pair based on TNT (PIPS) signals below 1.4329 (23.6% Fib Level) with possible target profit at 1.4200, followed by 1.4150, or

2. We are looking to buy the pair based on TNT (PIPS) signals above 1.4329 (23.6% Fib Level) with possible target profit at 1.4455, followed by 1.4525.

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

GBP/USD

Based on the Fib Levels drawn from Aug 29 high to Sep 4 low:

1. We are looking to sell the pair based on TNT (PIPS) signals below 1.7691 (23.6% Fib Level) with possible target profit at 1.7520, followed by 1.7500, or

2. We are looking to buy the pair based on TNT (PIPS) signals above 1.7691 (23.6% Fib Level) with possible target profit at 1.7774, followed by 1.7841.

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

USD/CHF

Based on the Fib Levels drawn from Aug 28 low to Sep 4 high:

1. We are looking to buy the pair based on TNT (PIPS) signals above 1.1108 (23.6% Fib Level) with possible target profit at 1.1178, followed by 1.1200, or

2. We are looking to sell the pair based on TNT (PIPS) signals below 1.1108 (23.6% Fib Level) with possible target profit at 1.1030.

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

USD/JPY

Based on the Fib Levels drawn from Aug 15 high to Sep 4 low:

1. We are looking to sell the pair based on TNT (PIPS) signals below 106.83 (23.6% Fib Level) with possible target profit at 106.30, followed by 105.65, provided the global stock market is bearish, or

2. We are looking to buy the pair based on TNT (PIPS) signals above 106.83 (23.6% Fib Level) with possible target profit at 107.56, followed by 108.15, 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 Aug 28 high to Sep 4 low:

1. We are looking to sell the pair based on TNT (PIPS) signals below 153.25 (23.6% Fib Level) with possible target profit at 150.55, followed by 150.00, or

2. We are looking to buy the pair based on TNT (PIPS) signals above 153.25 (23.6% Fib Level) with possible target profit at 154.32, followed by 156.27.

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

USD/CAD

Based on the Fib Levels draw from Aug 28 low to Sep 3 high:

1. We are looking to buy the pair based on TNT (PIPS) signals above 1.0644 (38.2% Fib Level) with possible target profit at 1.0700, followed by 1.0726, and 1.0775, or

2. We are looking to sell the pair based on TNT (PIPS) signals below 1.0644 (38.2% Fib Level) with possible target profit at 1.0600, followed by the PIPS Weekly Pivot.

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

AUD/USD

Based on the Fib Levels drawn from Aug 28 high to Sep 4 low:

1. We are looking to sell the pair based on TNT (PIPS) signals below 0.8212 (23.6% Fib Level) with possible target profit at 0.8100, followed by 0.8050 and 0.8000, or

2. We are looking to buy the pair based on TNT (PIPS) signals above 0.8212 (23.6% Fib Level) with possible target profit at 0.8282, followed by 0.8339.

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

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