<p style="text-align: center;"><strong>THE DAILY FX POST
from
THE PREMIUM SERVICE</strong></p>
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<strong>DATE: Wednesday 3rd September 2014
REF: #80</strong>

<strong>1. OVERVIEW – INITIAL THOUGHTS:</strong>

Waking up this morning the news initially said that there was a ceasefire agreement in the Ukraine between Poroshenko and Putin, then I heard that a Putin spokesman denied it on the grounds that it has nothing to do with Russia it’s all an internal Ukraine issue. My God it’s like are there tanks and troops on Ukrainian soil? If so it is an invasion.

Bottom line this has created some moves in the Forex market and for that at least we should be grateful. Not that any of this helps the population of Ukraine.

U.S. futures are up on the news of a “ceasefire” if that's in fact what we have, but then again U.S. equities are always up!! European markets are also very green at the moment.

Oil and Gold are marginally up and Copper basically flat.

My thoughts are that with the Draghi road shows on tomorrow, I think that soon we will see things come to a bit of a stop ahead of the ECB Press Conference and then we have the US Employment data on Friday.

The EUR/USD looks like it could move higher and maybe have an attempt at the GAP FILL from two weekends ago at 1.3240. From technical perspective this is what could happen, I am just not convinced. Not that a 100 pip move the day ahead of an ECB Press Conference has ever happened before, I just think there is so much Geopolitical news in the air we will just be range bound once again

Big news on the agenda today is the BOC Rate statement. I am looking to get long this pair and I am once again looking at an entry level from back in June / July of around 1.0825-50.

The GBP/USD looks very heavy and although the Scottish referendum vote is weighing in I am thinking that the selling has been quite over-cooked at the moment, maybe we are due for a bounce. However, being cautious on this pair, I am waiting for the ECB news to happen and more importantly the EUR/GBP reactions first.

At the moment the AUD looks stronger and the NZD weak at the moment. 0.9350 looks like a 61.8% Fib level on the AUD/USD to get short at.

Overall, I think that we have some quite large ranges in play, with the odd wedge patterns here and there, but I am not expecting fireworks. I have a lot of charts that I am looking at and I will tweet with entries in about an hour or so.

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<strong>2. KEY NEWS EVENTS TODAY (BASED UPON (NYC) EDT TIME ZONE):</strong>

CAD - BOC Rate Statement and Interest Rate Decision.
AUD – Retail Sales and Trade balance.

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<strong>3. EXISTING LIVE TRADES:</strong>

Both of the FUNDAMENTAL TRADES below are hedged at 100 pip loss positions:

FUN14
GBP/NZD
Long
Entry at: 1.9800
Stop at: 1.9000
Limit at: 2.2350
Present Price: 1.9775
Current Profit / Loss Position: -25 pips

FUN37
GBP/AUD
Long
Entry at: 1.8200
Stop at: 1.7500
Limit at: 1.9155 then looking very, very long term to 2.0300
Present Price: 1.7637
Current Profit / Loss Position: -563 pips (position hedged)

RT141
EUR/USD
Short at 1.3150
Stop at 1.3200
Limit 1.3010
Present Price: 1.3148
Current Profit / Loss Position: +2 pips

RT142
NZD/USD
Short at 0.8330
Stop at 0.8420
Limit at 0.8000
Present Price: 0.8322
Current Profit / Loss Position: +8 pips<strong> </strong>

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<strong>4. LIMIT &amp; STOP ORDERS WITH BROKERS:</strong>

None in position at the moment.

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<strong>5. FINAL THOUGHTS:</strong>

I hate to say it but I do think that until tomorrow we will not see much action in the Forex market unless the Geopolitical news kicks off.

The BOC may offer up a nice quick in and out (FLASH) trade later.

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<strong>6. DISCLAIMER:</strong>

Trading Forex carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if necessary.

Scott Pickering
The Pip Accumulator
<a href="http://www.weeklyfxdrivethru.com">www.weeklyfxdrivethru.com</a>
Twitter: @ThePremService
Email: premiumserice@weeklyfxdrivethru.com

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