Forex Trader DailyEven amidst the RBA’s decision to halt rate hikes for 2010 and possibly even consider tightening towards the latter part of ‘10 there was a near-term bottom put on the AUD/USD along the 0.8380 level.
The AUD/USD has been in a sharp downtrend on the daily chart with the current exhaustion level at 0.8550. If prices [...]
The U.S. Dollar is regaining strength in the Asian session as the bulls a rallying the index higher towards the 87.00 level that was broken today as the equities market recovered from early morning losses. The Dow Jones futures have traded back lower after what was a bullish after-hours.
In the meanwhile, the AUD/JPY downtrend continues as [...]
The daily chart of the US500 is once again nearing the May 6 low at 1060. Prices have now twice tested this level: Once on May 21 when a 1051.50 low was made and again during Monday’s trading session with a 1058.30 low. Regardless of the lows, prices have continued to find near-term buying support. [...]
The 1.0000 or parity level for the USD/CAD has been strong support and with the bounce intraday prices have seen to the 1.0200 level on crude oil weakness and U.S. Dollar strength, the overall downtrend resumes. The “loonie” is currently gaining on the greenback but prices may once again find support and bounce at parity. [...]
The 30-minute USD/JPY is exhausting as prices are approaching the near term high a 93.61. This high could prove to be a double top that leads to a correction lower and a swing buy off the support of the 93.31 level which is the 34 period EMA high. The 30-minute chart is currently in a mark up cycle and [...]
As the EUR/JPY battles with the 125.00, the swing buy has already triggered on the 60-minute chart at 125.12. If prices can establish support above the big figure, look for another move towards recent highs.
Entry 125.12 buy
S/L 124.75
Target 125.50
For educational purposes only.
The 240-minute GBP/USD is heading higher in an overall uptrend however with the most recent pullback, prices are correcting below the 1.5200 level. This opens up the possibility for a further pullback to support waiting at the 34 period EMA high.
Entry 1.5159 buy
S/L 1.5131
Target 1.5290
For educational purposes only.
The daily chart of the USD/JPY has resistance at today’s current high of 91.95 and the February 18th high of 93.13. This is a sell zone for a double top short off this 18 pip area ceiling.
Entry 91.95 short
S/L 92.25
Target 92.20
For educational purposes only.
The 60-minute AUD/USD is setting up an exhaustion fade from the minor psychological level at 0.9180. The market should hold resistance between 0.9188 and 0.9198 and this area will be the stop loss.
Entry 0.9178 short
S/L 0.9188
Target 0.9148
For educational purposes only.
The 30 minute EUR/USD is trending lower as the 10am EST Philly Fed is approaching. This could trigger a correction to the 1.3688 level and a trend follow entry.
Entry 1.3688 short
S/L 1.3705
Target 1.3650
For educational purposes only.