For the third month in the row Chinese new car sales exceeded those of US.  Chinese purchased about 1.03 Million new cars in March, compared to 857,735 sold in America. Figure for USA id down 37 percent from the 1.36 million sold in the same month a year earlier. Some tumble. It is not the first time, Chinese vehicle sales in January and February also surpased U.S. monthly sales. Due to its population and fast industrialization, China is bound to overtake US as the largest single market for car manufacturers. Recent global events simply accelerated this process, with March numbers expected to be setting new record. Sales for the full year are forecasted to exceed 10 million units for the first time ever. Even though these numbers are impressive, US still remains the biggest market in term of value of cars sold. Using this as a yard stick, China still has long way to go to overtake America as an undisputed leader in vehicle consumption. It is coming, though.
In a typical fashion for last few days leading to Easter, trading is becoming erratic and less predictable. Trends are shorter in duration and smaller in magnitude.  I was going to do analysis of Yen behavior, but the moves are not very convincing to me. Besides, I won’t be able to follow up on it tomorrow, so I’m leaving it alone, for now. One of the headlines I saw earlier declared bravely “Investors seek shelter in Yen haven”. This left me starring at the charts and wondering- what the hell did I miss today? Yen did get a little stronger but largely reversed, leaving behind confused traders and, apparently, journalists.
Trade from yesterday was a sell of NZD-CAD and I’m still in it. Trade is in a loosing teritorry currently and I’ll likely get out if it moves another 20-30 pips against me.
I closed GBP-AUD position also, for a small gain.

Candle marked “A” indicates where the price was while during writing of my last post. This pair was oscillating around 100 SMA, trying to get through and failing. Should that bar had closed under the MA, I would have exited the trade right there. Got a little lucky and stayed in. Eventually trade was closed about 10 hours later at 2.0765, a gain of 165 pips. Swings are getting smaller, general slow down. Hard to say if we’ll see any decisive moves before the end of the week. Buy order above 2.1000 remains valid.
One order, a buy in GBP-CHF.

Plan is to buy it at 1.6920. I don’t really expect any big moves any more, but maybe a shot at 1.7040? Doubtful I’ll be very active next couple of days. No update tomorrow, but I should be able to connect on Friday and do a follow up on these trades.

Mike K.