FX trend signals for 18/3 (update)

Open markets (forex and index futures mainly) are reacting quite sharply to the Cyprus news right now.

We have to update the trend signals given the latest developments. The latest forex rates are shown in parentheses below.

Overall we witness a big risk aversion, which means stronger US dollar and Japanese Yen and softer EUR (problem are) and AUD.

EUR/USD (1.2907) – Strong Sell

AUD/USD (1.0356) – Buy

GBP/USD (1.5089) – Sell

USD/JPY (94.93) – BUY

USD/CAD (1.0234) – Buy

Always use stop loss orders to protect your capital when trading.

Petros