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Forex Strategy of the Day for March 22
By Todd Gordon | Published  03/22/2006 | Currency | Unrated
Forex Strategy of the Day for March 22
  • Yen Products Looking To Put Yen Back in Vogue
  • EUR/JPY, USD/JPY Primed for Trendline Breaks
  • Dollar Uptrend Growing Tired Each Passing Day

The Dollar's feeble bounce from yearly uptrend support that began last Friday carried through in overnight trading, but the price action this morning is indicating that New York traders could have a softer Dollar on their hands. We are carrying a short Aussie Dollar position into this morning that should most likely be closed at or very close to our entry. We are looking for a weaker Dollar this morning which should bring buyers to Aussie moving the position against us. The only driving factor that would give our short position hope are the crosses, such as AUD/JPY and EUR/AUD that continue to bring selling pressure to Aussie.

The Yen appears to be about back in vogue as the EUR/JPY and USJ/DPY are looking ripe for a technical collapse. You will remember we played EUR/JPY short to begin this week bagging about 80 points. EUR/JPY 4 momentum divergence against the same .786 Fib Ret from Sunday night continues to call for sellers into the market. Use the 2-hour uptrend support as your trigger to target the 1.0 Fib Projection and .618 Fib Ret at 140.60. Look to sell a retest of the 141.30 breakdown point as former uptrend support with a 141.50+ stop.

Use the 2-hour uptrend support as your trigger to target the 1.0 Fib Projection and .618 Fib Ret at 140.60. Look to sell a retest of the 141.30 breakdown point as former uptrend support with a 141.50+ stop.

Disclaimer
The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.