January 13th, 4:55 pm by Guru Team Hi Everyone
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I hope all of you are well and are making a lot of money. After having some hiccups in December 2012 we did well in the last few weeks and will continue to do great.
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Most of the traders who either new or do not have experience in trading currency use only technical analysis to open trades. Yes, technical analysis plays a big role in currency trading, however, in the past few weeks we have seen that political unrest and economic drama is even more important than technical analysis. The fiscal cliff took all the currencies down even though the news was good.
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It is not always true, especially in the coming few weeks, that what you see on technical platform is accurate. The US debt ceiling drama is even bigger than the fiscal cliff. If the US does not extend the limit they will go into default and then recession which in turn will take rest of the world into recession. I have seen and experienced this before so I know how it works. US politicians are not going to make the deal easy and will drag it out until the last day. They did the same last time when they had to extend the debt ceiling.
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In the next coming weeks, I will try to make as much profit as we can while not making the same mistake again ? which most of the GURUS, including me, did in December 2012.
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JPY is likely to rise in the next few weeks but it is hard to say as the debt ceiling uncertainty might strengthen the JPY in short term so my advice will be to stay away from JPY until the end of February.
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AUDUSD is likely to go down because there are speculations and rumors of another rate cut in the February interest rate meeting. The Australian economy has slowed down and economists have downgraded their forecast for 2013. Treasurer Wayne Swan said that getting a surplus in 2013 is unlikely due to slow growth. The mining boom is slowing and manufacturing industry is struggling due to high AUD so all of these are the sign for lowering AUDUSD. NZDUSD is likely to stay within the range and should go up or down with AUDUSD. NZDUSD range should be 8100 to 8500 in the first quarter.
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EURUSD is likely to go up as the Greek debt problems have been solved. However, there are other major concerns in European countries and economists forecast that EURUSD in 2013 will be bullish. EURUSD should touch 1.3500 levels by March 2013.
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I have been and will be trying hard to earn every single dollar as each opportunity arises. Please stick it out as consistent and patience is the key to success in currency trading.
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If you want to earn consistent profits every week copy me.
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Source: http://www.etoro.com/blog/guru-talk/13012013/is-technical-analysis-enough-for-currency-trading/
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