Market Update – Wednesday, July 9 2008

The FX market continued to trade in a whipsaw manner for most of the Asian and European sessions today as intraday trends failed to sustain with risk for loss remaining unusually high for most of the session. However, as the US session arrived, US dollar selling was beginning to unfold and our system confirmed 3 excellent trade opportunities with EURUSD, GBPUSD and AUDUSD. Unfortunately, the AUDUSD alert was not issued in time to capture the move, but all three trades resulted in some nice intraday profits. As to our outlook for what lies ahead, the EURUSD is attempting to confirm a buy opportunity on the daily charts, and a close today above 1.5740 or ideally, a daily close at a new daily high, will favor more upside for EURUSD while prices remain above 1.5660. The last time our system confirmed a EURUSD buy on the daily chart was in March 2008 at 1.5610, as this trade subsequently reached 1.6017, which was a few pips shy of our 1.6052 target. The main difference with today’s potential daily chart potential buy opportunity and the one confirmed in March is the trend intensity today is much weaker than the trend intensity witnessed in March.

As for the month of July, the pace has been a bit slower than in previous months as risk for loss for the first few days of the month has been unusually high, so, when we detect uncertainty in the market, as determined by our analyst here at Forex Signals Plus, we find it best to stand aside until better opportunities unfold. So, for the month, the week and the day, Forex Signals Plus accounts are profitable for July and we look forward to providing the continued reliable service for those of you who have placed their trust in Forex Signals Plus.

More updates later.

Forex Signals Plus