Forex Market - 6th January 2010

Posted on January 6th, 2010 by James Alliss.
Categories: Forex.

Happy New Year!

I’ve been doing a lot of trading over the past few days. There is a lot of volatility, particularly on GBP/USD so I’ve been taking advantage of this. The market looks confused at the moment but although everyone seems to be saying that you should sell sterling I’m not so sure and here is why.

AUD/USD looks bullish, EUR/USD has taken a nose dive recently but the 4 hour chart is showing signs of a potential change in direction. Although GBP/USD is currently in a short condition, if EUR/USD makes a move to the north, it will only be a matter of time before GBP/USD will have to catch up.

So, I think we may see some sterling strength tomorrow but I will only trade what is in front of me.

James.

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