Date: Friday, June 25th , 2010, for the Week 21-25 June, 2010
Released: 19:25 CET
Managed Accounts Weekly Performance
Difficult week, but we come out on TOP
It has been quite a roller-coaster week indeed. Technically speaking, we’ve had many ‘so-be’ break-outs that have led to nothing, many false attempts to start a trend, and continuos stop-hunting across the board, mainly in the JPY and CHF crosses. That has made the week complicated, but we’ve managed to make some pips out of it.
Weekly result (June 25th, 2010): +2.15%
Monthly Cumulated (June, 2010): +9.77%
Note: Above results are for 1:1 leveraged accounts, which meet the equity criteria. Lower amounts will see greater leverage being effectively used and greater fluctuations, and thus risk, will be seen in their accounts. Past performance is not indicative of future results. Any results published here are for informationa purposes only and neither have validity whatsoever nor act as an invitation to buy or sell any financial instrument.
The Euro struggles across the board but holds the key 1.2260 vs the USD
It’s been quite a week for the single currency, first breaking important USD levels and climbing to the 1.24 mark, then sliding towards the mid 1.22’s, finally bobbling around 1.23. The important things though, is that an important line has been broken, and even more important, it has not broken back, confirming the upward momentum for the pair. That coupled with the presumably stop-hunting in the recent lows in USD/JPY, and the quest for the 1.50 mark in Cable, may be good indicators enough that the USD has somewhat lost momentum. Economic data is definitely ignored when bad, and taken to the word when good, and this only happens when the mood of the ones with big hands is changing….
Retail positioning is shifting and helping the USD to slide
The overwhelming ‘long’ position status by the retailers in both GBP and EUR vs the USD has shifted to ‘short’, helping us anticipate further gains in EUR/USD and GBP/USD, alongside a general USD decline, as the overwhelming majority of worldwide retail players are now loging the USD, helping contrarian-sentiment indicators to rise to levels not seen since March of this year.
Invest2forex.com accepts no liability whatsoever for any direct, indirect or consequential loss arising from the use of this report or its content. Any forecasts are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. This report is not to be construed as providing investment services in any jurisdiction where the provision of such services would be illegal. Nothing herein shall be construed as a recommendation to buy or sell any financial instrument or security. This communication prepared by leading forex broker is for information purposes only. Investors should also consider this report as only a single factor in making their decision to make currency investment.
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