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Forex Daily Commentary EUR/USD, GBP/USD August 28, 2012

Three days and counting. We are almost to the end of August. Yesterdays price action was about as dull as they get. there was an aggressive entry after we saw the manipulation to the highs on the GBP/USD but it didnt pull back far enough for a safe entry to me. However as I mentioned in the Aug 27th forex commentary the hourly close below the lows Friday was significant. It didnt show signs of a stop run and we saw the manipulation at the Asian highs for the short. As many of our members know I am picky with my entries  so I missed the trade. No worries.

On the EUR/USD we are seeing something similar play out and have the same hourly close below Fridays lows showing the euro weakness today. Since we have a 50 pip move during the Asian session I will be looking at the Asian highs around 1.2500 for the manipulation today. Its also possible that we see it at yesterdays low but that will be determined on the price action here during the Asian session. At this point I am only looking to see the finishing of the 90+ pip 2nd push today.

The GBP/USD is still in the same situation as the Euro with a bit of a spin on it. We have had a clean break through the hourly 200ema during Asia so that will be the first place I will be looking for the manipulation and looking to see the completion of this second push. This nice move down has also had the hourly close below some significant lows last week so it adds to the probability of the down move today. Its entirely possible that we see a test of the Asian highs here too so I will not have my heart set on taking a trade at the 200ema.

Forex News Today

Scheduled releases are light again today with only one high impact event from the US with CB Consumer confidence. A surprise to the downside will be the best chance for a larger manipulation but my thoughts are we wont get it.

The Euro Zone does have GfK German Consumer Climate and M3 Money Supply but I dont expect too much from those events.

Today I leave you with another video of Rick Santelli where he gives a new name to QE which really shows what it truly is. Its not quite as entertaining as previous videos but worth the 2 and a half minute watch. Enjoy

Happy trading


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