This Week’s Trading Round-Up; 2nd September 2012

This Week’s Trading Round-Up; 2nd September 2012

Although we have seen an increase in volatility over the last few trading days of the Week, Friday’s close still left us with little confidence of where the Markets are really heading.

All major Indices bounced from solid support and rallied following Bernanke’s Speech, but the moves started to wither away after just a few hours, suggesting there is still a high level of indecision across many markets.

I continue to hold the GBP:USD long position which goes into the Weekend showing approximately 320 pips profit.

The only FX pair that has grabbed my attention over the last few days is EUR:USD and I’m just waiting for a few clues as to whether it’s at the top of a retrace in an ongoing down trend or whether it has printed a medium to long term low. I don’t think the answer is quite with us yet, but any signs of weakness at current levels would interest me in the short side. If this materialises over the next few days I’ll update accordingly.

In the meantime I hope you’ve had a great Weekend.

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