Being the strongest of them all at the moment, GBPUSD is flying. This is the initial charge. Like many other breaks before, it will take a rest but not anytime soon. EURUSD is following close behind in term of strength. Maybe some of you didnt know, the EU actually broke the trend on the last spike before the break. AUDUSD is under par at the moment.
For JPY pair, mainly GBPJPY, EURJPY and AUDJPY they are still turning. Slowly moving up. For GJ this move is the 2nd try and it broke the resistance but there is a catch. JPY is not as weak as USD it seems. So shorting JPY may not be profitable as selling the USD. Eitherway, the resistance is being broken now, but in terms of strength, GBP is still under par. Anyone who wishes to try their luck on JPY pair can buy on the next pullback since its not that strong, the next pullback is coming very soon.
Btw, I only trade 2 currencies which are USD and JPY. In order to be profitable, I compare the strength of these 2 currencies with 3 other currencies GBP. USD and AUD. I monitor and trade only 6 pairs. They are GBPUSD, EURUSD, AUDUSD, GBPJPY, EURJPY and AUDJPY.
Did you know that when all 3 USD pairs broke the trend at once, there will be a huge move going to happen. So the next time you see the 3 planets are inline, watch out for the devil. Diablo is coming.
GBPUSD. I BELIEVE I CAN FLY
Wednesday, October 15, 2008
