*Good morning/afternoon everyone!* The U.S. dollar is trading lower against most of the major currencies this morning as risk appetite improves after yesterday’s brutal selling. Stock futures are up, helping to bolster pairs like EUR/USD and USD/JPY. However as we begin the NY session, the decline in Treasury yields could also tip the scale and push USD/JPY lower. Yen crosses on the other hand will take their cue from stocks today. The currency most vulnerable to weakness is the Canadian dollar because oil prices are down more than 2% after President Trump tweeted that he hopes Saudi Arabia and OPEC will not cut oil production because he thinks oil prices should be much lower based on supply. Despite a softer Eurozone ZEW survey, EUR/USD is trading above 1.1250 on the hope that progress could be made on the Italian budget front. the expectations component of the ZEW surely also increased. The best performing currency this morning is sterling which is up on higher wages (despite a higher unemployment rate) and continued Brexit optimism. On the Brexit front, we are getting closer to a deal but with some counterproductive headlines, traders are still reluctant to overload sterling positions but when an announcement is made, we can almost be assured that there will be a strong followup rally. AUD and NZD are also up from yesterday but having risen strongly in Asian trade, they are mostly consolidating and even weakening slightly. We also have our eyes on the Swiss Franc which appears to be topping below 1.0130. *The MAIN THEMES I see today are* +EUR +CHF -CAD -JPY *Trading Biases* +EUR, +CHF, +GBP, -CAD, -JPY mildly +AUD, +NZD, -USD *Today’s Initial Trades* Here’s the summary – 1. Buy EURCAD at 1.4885, Stop at 1.4857, Target 1.4912 2. Buy EURUSD at 1.1247, Stop at 1.1219, Target 1.1275 3. Buy AUDCAD at .9531, Stop at .9503, target .9559 4. Sell AUDCHF at .7270, Stop at .7298, Target .7242

Swing

*Good morning/afternoon everyone!*

The U.S. dollar is trading lower against most of the major currencies this morning as risk appetite improves after yesterday’s brutal selling. Stock futures are up, helping to bolster pairs like EUR/USD and USD/JPY. However as we begin the NY session, the decline in Treasury yields could also tip the scale and push USD/JPY lower. Yen crosses on the other hand will take their cue from stocks today. The currency most vulnerable to weakness is the Canadian dollar because oil prices are down more than 2% after President Trump tweeted that he hopes Saudi Arabia and OPEC will not cut oil production because he thinks oil prices should be much lower based on supply. Despite a softer Eurozone ZEW survey, EUR/USD is trading above 1.1250 on the hope that progress could be made on the Italian budget front. the expectations component of the ZEW surely also increased. The best performing currency this morning is sterling which is up on higher wages (despite a higher unemployment rate) and continued Brexit optimism. On the Brexit front, we are getting closer to a deal but with some counterproductive headlines, traders are still reluctant to overload sterling positions but when an announcement is made, we can almost be assured that there will be a strong followup rally. AUD and NZD are also up from yesterday but having risen strongly in Asian trade, they are mostly consolidating and even weakening slightly. We also have our eyes on the Swiss Franc which appears to be topping below 1.0130.

*The MAIN THEMES I see today are*

+EUR
+CHF
-CAD
-JPY

*Trading Biases*

+EUR, +CHF, +GBP,
-CAD, -JPY
mildly +AUD, +NZD, -USD

*Today’s Initial Trades*

Here’s the summary --

1. Buy EURCAD at 1.4885, Stop at 1.4857, Target 1.4912
2. Buy EURUSD at 1.1247, Stop at 1.1219, Target 1.1275
3. Buy AUDCAD at .9531, Stop at .9503, target .9559
4. Sell AUDCHF at .7270, Stop at .7298, Target .7242

BK CAD/JPY Big Trade Alert – Stopped Out

Swing

Stopped out on CAD/JPY by 1 pip

BK CAD/JPY Big Trade Alert – Time to Sell the Yen

The Trade:

CAD/JPY

Place Order Buy USD/CAD at market (now 98.40)

Stop 96.77

Risk on our BIG TRADES is large, so make sure your position is small.

We will manage the take profit dynamically and send out alerts on when to take profit and/or move your stop.


—--

It is time to Sell the Yen. For the past few days we have been looking for USD/JPY to break below 117 and having done so 2 days in a row it is getting cheap.

Despite yesterday’s big drop in retail sales, the tone of the Beige Book tells us that the Federal Reserve is optimistic and on track to raise interest rates this year. Of course, we can’t ignore the risk of DELEVERAGING driving the Yen higher. First investors (including major banks and hedge funds) lost their shirts being long oil and now being long EUR/CHF. Nearly EVERYONE (including ourselves) believed that the Swiss National Bank would maintain the 1.20 EUR/CHF peg and their decision to abandon it this morning flushed many traders out (we’re hoping they used stops like we did!).

As a result the Yen rallied against the dollar as investors unwound their short Yen trades to cover losses. There could be more deleveraging but negative interest rates in Switzerland and the prospect of Quantitative Easing by the European Central Bank leaves the market looking for alternative safe havens. The Yen is attractive but from a fundamental perspective not nearly as alluring as the dollar because U.S. economy is actually improving while Japanese growth is struggling. The Fed is one of a select few central banks looking to raise interest rates this year. Regardless of whether they choose to do so in the summer or fall doesn’t matter – the key is that they plan to do so period and that along with the loss of the Franc as a safe haven should make the dollar more attractive. Selling the yen is all about buying dollars and in the long run, we are still looking for USD/JPY to revisit its 121.85 December high. However USD/JPY is not our favorite pick right now because of potential deleveraging and because it is not at an attractive price point. We rather buy USD/JPY closer to the 115.85-116.30 range.

Selling the Yen vs. the CAD

What we like right now is buying the Canadian dollar on the other hand is looking very attractive. We closed our short USD/CAD trade this morning amidst the mayhem in fear of the relief rally, which has ensued but with oil prices up over $5 in the past 48 hours, we expect a further bounce in the loonie. It is no coincidence that the 16-year trendline that marked a bottom in oil in 2009 is holding.

The Trade

CAD/JPY

Place Order Buy USD/CAD at market (now 98.40)

Stop 96.77

Yearning for Yen? Weekly Forex Technicals 11.25-11.30.13

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BK Forex Guide to Top 10 Most Tradable Events in the Forex Market

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Yen on Trend? – Forex Weekly Technicals 11.18-23.13

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BKForex LLC is a registered Introducing Broker with the NFA member # (0443272)
Past performance is not indicative of future results. Trading forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial advisor if you have any doubts.


BK Forex Guide to Top 10 Most Tradable Events in the Forex Market

Download Boris and Kathy’s Free News Trading Guide

This Guide Will Teach You:

+ Which Economic Reports are Possibly Tradable

+ How Frequently the Reports are Released

+ Why we Believe these Releases are Important

+ Key Takeaways for the Forex Trader


Download the BK Forex Guide to Top 10 Most Tradable Events in the Forex Market Now!

Fill out the form and the Guide will be sent to you via email.


Yen Crosses on the Edge Forex Daily Technicals 08.28.13

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BKForex LLC is a registered Introducing Broker with the NFA member # (0443272)
Past performance is not indicative of future results. Trading forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial advisor if you have any doubts.


BK Forex Guide to Top 10 Most Tradable Events in the Forex Market

Download Boris and Kathy’s Free News Trading Guide

This Guide Will Teach You:

+ Which Economic Reports are Possibly Tradable

+ How Frequently the Reports are Released

+ Why we Believe these Releases are Important

+ Key Takeaways for the Forex Trader


Download the BK Forex Guide to Top 10 Most Tradable Events in the Forex Market Now!

Fill out the form and the Guide will be sent to you via email.


100.00 in Yen? 2950 in EUR/USD? Forex Daily Techns 4.24.13

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Yen Crosses Rebound Forex Daily Technicals 4.16.13

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Yen Controls FX Forex Daily Technicals 4.12.13

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Like to trade the EUR/USD? So do we!

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The EUR/USD is the world’s most actively traded currency pair and for many forex traders, this activity provides opportunity.

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