Bernanke speaks

I am not placing any new trades today as we have President Bernanke speaking this afternoon (GMT). Best thing to do in circumstances like this is trade after he has finished but seeing as it is a Friday afternoon when he will finish I wont open any positions until Monday. Expect volatility in currency and equity markets. Consensus seems to be a rate cut or rate hold.

Have a good weekend all.

Yen

No real solid set ups this morning so the best I can offer is the USDJPY hourly above. Watch for a break & close below the two moving averages for possible dollar selling. We already have the sell signal so now looking for further confirmation. Trendwatch is bearish but the moving averages could be the key here.

Should we find weakness on this pair then also look for possible strength on the EURUSD and GBPUSD at the same time.

As per usual and I am sure I do not need to mention this but please always do your own analysis prior to opening any positions.

Dont forget GDP 1.30

GBPNZD

The Pound New Zealand Dollar hourly chart above is showing a day trade shorting opportunity. I am 47 pips in profit at prestent and have moved my stop to break even. I am aware the moving average suppot just below so I would rather make nothing than make a loss.

Good luck today.

Bank Holiday

Yesterday was a bank holiday in the UK and subsequently we had a lack of volatility. I have looked for good set ups on the charts today but have not found one worth writing about at present so I will update again tomorrow.

Beware of the FOMC today.