Silence in the Online forex Market

Friday, April 10, 2009

We could all feel the silence today as the markets are closed for the Good Friday and Easter Season. Looking at the last Asian session, the Usd recovered in equity markets. The Eur/Usd was traded sharply, lowering from 1.3281 to 1.3091. While the Usd/Jpy pair was in a range bound between 100.70 and 100.21. As European and US markets are closed for a long weekend, we could expect forex online trading to be much lighter today with a continued consolidation in the majors currency pairs for the rest of this week till Monday.

The markets are closed today for Good Friday, but I think it would be interesting to watch some choppy action next week, because of the thin trading conditions. Next week the things I liked to watch will be 1.3050 ahead of 1.30 for EUR/USD. Also for GBP/USD I am expecting a good support level at 1.45 and will hold my position if another go towards 1.50. European and US Markets are Closed Today and Monday for Holidays.

Anyways let me wish everyone a wonderful long weekend and happy Easter and let us try to forget the current economic turmoil during the festive season no matter how gloomy market outlook seems. My forex broker always advices the best way in the gloomy market is to avoid long term positions, as things can change on a daily basis, so 'get in and get out' should be our current motto!

Happy Easter! Enjoy


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