In our opinion the following forex trading positions are justified - summary:

• EUR/USD: Short positions (stop-loss order at 1.1667)
• GBP/USD: Short positions (stop-loss order at 1.5913)
• USD/JPY: none
• USD/CAD: Long positions (stop-loss order at 1.1706)
• USD/CHF: none
• AUD/USD: Short positions (stop-loss order at 0.8194)

Today’s alert is going to be very brief, as the situation on the currency market is developing precisely in tune with our expectations and basically, there’s not much that we can add to markets’ performance - yesterday’s price action served as a big confirmation of our previous analysis.

The USD Index could pause here or very soon (and the same goes for the currency pairs involving the US currency), but we don’t think that this action will be anything more than a pause. Consequently, we think that all (profitable) positions that we described previously should be kept intact - we think it’s a good idea to let the profits grow and to endure the possible small correction.

We’ll have much more to say in Tuesday’s alert and that’s exactly what we plan to do. It’s scheduled for Tuesday as Monday is the Memorial Day, but we might be able to post it earlier (we can’t promise that, though).

There will be no alert this Friday due to your Editor’s travel plans, but we’ll make sure that the stop-loss levels in tomorrow’s alert are up-to-date and keep you prepared for Friday’s session. Again, we wouldn’t probably have much new to say on Friday anyway as we think the weekly closing prices will be much more important than the Thursday ones.

Thank you.

Nadia Simmons
Forex & Oil Trading Strategist
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