EUR/USD: The Euro had a great week. My target of 121.50 was not only hit but…
EUR/USD: The Euro had a great week. My target of 121.50 was not only hit but exceeded! Near term however, I do not expect this strength to continue next week. Look for a consolidation at best, we may reverse and retest 121 or ever 120 so be warned. I have exited my longs and am now flat over the weekend.
USD/CHF: The swissy never got back to 132 for my short entry but I did enter the short side on a momentum trade when it broke below 131. I remain short with a 75 pip trailing stop that is currently at 130.00.
GBP/USD: I was stopped out of my short trade almost before I got into the office. I ignored my buy signals later in the morning and missed much of the move this week. Significant resistance lies at 1.7600 so here much like the Euro look for a stall or even a fall in the near term.
USD/JPY: Got stopped out for a loss and then stayed out of the Yen the rest of the week. I will look to buy long early next week with a tight stop just below the March 1st lows.
AUD/USD: Got stopped out and here too stood aside for the rest of the week. I will look to buy long below .7250 with stops 50 pips below.
USD/CAD: The Canadian has struggled to stay above 116 lately. Given the weakness we have seen in the Ausi can the Canadian be much further behind? Derek Frey 3/17/2006
Derek Frey
Odom & Frey Futures & Options
www.odomandfrey.com
derek@odomandfrey.com
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