Thursday, March 23, 2006

Nervous Markets and a nervous trader

Sitting back today I realized that the trend in the last week has changed. Last Thursday we made new lows in dollar Brazil breaking 2.100 level (which was a triple bottom). Since then we have been steadily grinding higher. Current level 2.1720. The same story is occuring in Mexico. A few weeks back we were looking at 10.4000 level and today we are at 10.9100. I cut my dollar shorts in Mexico and Brazil. Tomorrow I will cut my short dollar Chile. Thing do not feel good to me. I still think in the big picture the dollar is heading lower against Latam markets (up against europe and asia) but sitting on the sidlines for the near term seems a prudent move.

These are the FX Trading Ideas for today



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