Hi, one of my fellow mentors at www.forexmentorpro.com is Pierre Du Plessis. To say Pierre has an unusual sense of humour is an understatement 🙂 but in among the madness there are some great observations and advice as why its best not to trade today at least until after the FOMC news release and statements this evening.
Hope you are all well.
Let’s have a look what is cooking in the currency market this morning ……….well by the looks of it…….absolutely nothing!!!!!!
200 EMA = MOTHER IN LAW …………….55 EMA = WIFE.
1) The euro index fell in love with his mother in law and just can’t leave her alone at 109.10. The wife hopefully will get angry soon because no son-in-law cant have a good relationship with his mother in law. Expecting a fight soon!
2) The euro/dollar son-in-law is neutral for the week and is currently very happy to be in no mans land.
3) Same can be said about the euro/jpy although the wife 55 EMA is waiting at 132.00 and weekly mid water point to give him maybe a kick back north.
4) The euro/ gbp is currently hanging around the mid week water point but looks like it is scared to go home to the 55 EMA wife at 0.8414 as price misbehaved over the last three weeks and dropped like a stone after it had too much beer at 0.8600.
5) Another pair that is happy to be in no man’s land is the gbp/dollar. Sometime it is good to take some time for yourself but useably the wife 55 EMA will call you home at 1.597 and if you have been really bad……the mother in law will call you too currently at 1.5613. But as I have said……you really have to be A BAD BOY before this will happen!!!
6) The gbp/dollar is also in no man’s land and is as happy as Larry to be here. It is currently so happy that it is as flat as a pancake
7) Loads of husbands that are really pissed off with the wife this week…….and just taking some time out hanging around by them self in no man’s land. Well let’s call in the `outback ` then if we look at the 2 aussie pairs we trade.
8) The swissie just don’t have the power this week to climb the mountain to visit his wife and mother in law that is currently at 0.9300. This is also a mid week water point……..so it will depend how hungry price gets and if it want a home cook meal……..but saying that, we don’t know what was the fight about and this husband can just give all of them the middle finger and go hungry and drop to the water point at 0.9200.
9) The poor old dollar/jpy is in big trouble. The wife and mother in law had a fight – so price want to keep everyone happy and is running between the 2 households at 99.33 and 98.79
10) The cad visit the daily mother in law this week……left north but forgot something at the house and returned to fetch it……now it is in 2 minds if it want to leave the safety of the mother in law`s house as his wife at 1.352 wants him to gut the grass.
11) With all the fighting and with husbands in the outback or no man’s land the poor old dollar index doesn’t know what to do anymore. Will it make a double bottom at 81.00 or will it get hungry and go back to his wife at 81.56 for a home cook meal? We will just have to wait and see!!
Author: Pierre Du Plessis – Forex Trader & Mentor @ www.forexmentorpro.com