Another great week ends
Once again, the curtain comes down on a very eventful week.
I finish the week chopping a slice off my USDMXN short at 18.85 as the US announce they drop sweeping demands on farming exports. Mexico and the US seem to be getting it done so a final confirmation could see a nice kick lower in USDMXN for me to take profit on.
My USDCNH short looks healthy going into the weekend, with the US and China all seemingly chummy again. We’ve broken the short-term support around 6.85 now and that could become resistance.
All else being equal, I didn’t do much trading this week. As K-man pointed out, we’re just in a washing machine of geo-political headlines and we’ve had ups and downs, promises of breaks and retracements and a lot of false hope and failures. Perhaps EURUSD has finally won one battle as it moves through the short-term resistance at 1.1420. We’d been saying all day it was threatening but you just can’t trust moves still right now.
USDCAD is finishing down towards the 1.3050 level that we highlighted today. It’s confirmed the rally sell theme I suspected would be in place after the CPI data. I might have had a dabble long earlier in the day into 1.3050 but not at this time of night and into the weekend. It can wait until next week.
All that’s left is to thank my colleagues, Dubsy and K-Man for their continually great trading, posts, advice, comments and piss taking. Always a pleasure.
And to the folks in our trading room who are going from strength to strength. For some there’s still long roads ahead but I can see that a few are starting to see some light at the end of this dark trading tunnel. Again, their input is golden and the community spirit is helping everyone immensely.
All the above is also applicable to the ForexFlow readers and traders. The discussion on today’s GWTF was one of the best we’ve had. It’s not difficult to be respectful, nor hard to be sensible and offer reasoned and well thought analysis, and today we had that in spades. Well played everyone.
Thus, we head into the weekend with nothing left but to wish you all a safe and great weekend, and we’ll be ready and raring to go on Monday.
I’ll leave you with the pick of the day from our karaoke Friday selection in the trading room.
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