In keeping up with the Yen cross rates; the Singapore Dollar versus the Japanese Yen would be an excellent alternative cross rate choice to trade with. This is in anticipation that after a long consolidation on the USDJPY currency pair, that event risk related to the USD continuing strength for the week ending August 01, 2014 would prove to have a more probable market potential contrary to its limited price band moving higher after breaking its primary line of defense as indicated above the 82.00 / even level.
With a trading range between the 81.00 low and 82.00 even price levels; once the prices would walk through these risk events by the opening of the new month of August; such price adjustments leading to a probable break above the 82.00 would be supported with the strength of the US Dollar Index hitting its initial target objective of 81.50/60 as defined in its next leg higher from a Fibonacci extension objective.
Declassified: Case Study for August 21 Trade & Price Action Results. Objectives Accomplished!
Alternate Trades: SGDJPY & GBPUSD
MEGATRADE101.com - The Business of Making the Right Trading Decisions Beyond Charting & Price Action Analysis
No comments:
Post a Comment