Forex Trader DailyThe USD/CAD has been rallying as the crude oil market weakens and the loonie weakens versus the greenback. The uptrend on the 15 minute chart has a correction that can be capitalized on if prices reach the support of the 34ema high currently at 1.1617. In fact the 1.1620 level could be the entry as [...]
The USD/CAD is bouncing slightly this morning as the Dollar Index and crude oil are reversing theie earlier downtrend and uptrend, respectively. This means that the loonie is starting to lose some ground against the weakening dollar in the shorter term, intraday time frames. Currently the USD/CAD is trading inside pivot support on the one [...]
On the back of conflicting data, the loonie has been gaining against the greenback during the Thursday morning session.
The support is waiting at the minor psychological level at 1.2200 with “2200″ support helping buying support as well. This is a well worn level as prices havw time and again bounced from this area of support [...]
The Continuous Commodity Index is topping out around the 380.00 level has recent highs have been 384.55, 378.50, and 378.00. This ceiling could effect the rally in the AUD/USD and NZD/USD. The aussie is heading near 0.7200 now that it has foudn some footing above 0.7000. The kiwi has found resistance just above 0.6000 the [...]
Non-Farm Payroll can hardy be spun as a positive number. The number was a miss by 68k and the revisions were down…but that really doesn’t matter. Look to price to tell the real story, which is, that this was hardly a price event at all.
The daily chart shows a slight uptrend cycle with excellent support [...]
Despite the recent crude oil bounce, the market cycle continues to be negative to neutral.
Put the pieces together. Barron’s recommending oil? Hmm. Personal observation: Most traders I know fade Barrons. Or at very least, being a features on the cover is a bearish sign. I have nothing against Barrons but I am sharing with [...]
Here’s a look at the the February crude oil contract. The expiration of the front month contract has created a better than five dollar swing from the 32.70 low to the recent high of 39.28.
The 4:00am EST low coincided with the end of Asian/European overlap.
The New York session buoyed the crude oil market from the [...]
The AUD/USD is heading lower as the U.S. Dollar Index is testing 83.50. The strength in the dollar may have reached a short term ceiling. The aussie has broken 0.6800 and if the dollar can continue higher — and that’s the big question mark here — the follow through can move lower to the 0.6500 [...]
Crude continues to consolidate just under the 70 dollar level and this has put the U.S. Dollar Index in a position to try and rally for the 86.00 again. But any break of this level would requite crude to break below the 65.00 level and stay there for any sort of dollar rally to stay [...]