Market Commentary...

Hi All,
As expected the crosses did not do anything special for today. I thought that GBPUSD would break down and get ready for shorts but that did not happen. But the news that Iran had asked to be paid in yen has strengthened the yen and anyway lead to the downfall in the crosses as had been expected.

Practically speaking, the above news should not impact the crosses much as the import of oil will be only a very small part of the business and should not involve a lot of money. But i guess the market was waiting for something to take some profits and they did that once they got this news.

Next week, i do not see much going wrong for the crosses and should be an upweek overall once the crosses manage to get out of the ranges that they are caught in right now. Of course, it would take quite a bit of effort to come out of the ranges but they need a really big push. We need to see what would come along to give them the decisive push. If the push does not come soon, then we may see some downturn in the crosses.

I do not wish to comment on whether it is good to hold the open positions over the weekend or not. I guess there are both positives and negatives to that but i personally dont prefer having open positions over the weekend and i try and close them if they are in profit. So just look at your trading style and decide the best course of action over the weekend.

Happy Trading!!!