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Forexpros Daily Analysis - 05/07/2011
ForexPros Daily Analysis July 05, 2011
Today: Free webinar on ForexPros - Using Candlesticks to Trade Forex
Expert: Marc Principato
Start: Tue, Jul 5, 2011, 10:00 EDT
End: Tue, Jul 5, 2011, 11:00 EDT
Candlesticks provide valuable information about price action when used correctly. From gauging momentum to better defining entries and exits on any time-frame, candlestick analysis provides unique advantages not found in other types of charting. Also covered in this presentation are the candle patterns that we find most useful for the short-term strategies that we employ in the chatroom each day.
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Aussie & Kiwi review ahead the Australian cash rate
AUD/USD
There is lots of news regarding the Australian economy that have been published during the past two days. Building approvals went down by almost 8% and retails sales dropped 4.5%. The Australian cash rate will be published in the morning, without any surprises expected.
The current resistance area is at 1.08 and a strong break-up might take the Aussie to 1.10, but it will have to cross 1.09 before that. Nevertheless, there is a probability for declines as many investors might try to take profit of the recent risings. In that case, a technical correction might reach to 1.058-1.065.
Reminder: I had estimated last week, when the Aussie was at 1.045, that reversal was about to come. The Australian gained about 300 pips since then.
NZD/USD
The kiwi usually moves along with the Aussie, so it will be interesting to see how it reacts to the Australian cash rate announcement. The NZD is a powerful currency, especially in the last few days' momentum, but it doesn't necessary mean that the NZD will follow the AUD this time.
The 20 EMA is moving parallel to the 50 EMA, which indicates for prices strengthening. On the other hand, stochastic indicates for overbought so you have to be careful from entering the market in such high levels. A technical correction might cause a slide to 81.5-82.0
A break-up of the bullish-flag will be approval for the historical break-up in the monthly chart.
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Forex Trading analysis written by Bastian Rubben for Forexpros.
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Visit Forexpros new Forex Brokers Directory !
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Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.
Forexpros Daily Analysis - 06/07/2011
ForexPros Daily Analysis July 06, 2011
Tomorrow: Free webinar on ForexPros - Live Price Action Trading
Expert: Raul Lopez
Start: Thu, Jul 7, 2011, 09:00 EST
End: Thu, Jul 7, 2011, 10:00 EST
In this webinar Raul Lopez, expert analyst from Straight Forex, will analyze the market and look for trade opportunities based on a price action approach.
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Double Inverted Head and Shoulders in USD/CAD?
At present, the daily graph of the USD-CAD must be one of the least attractive looking charts of major currencies. After reaching a low of 0.9444, the price turned north and slowly proceeded to 0.9911, before selling off sharply about 325 pips. This drop was rapid for a change.
The overall behavior of this pair does not offer many clues about what the price might do next. However, when we look at highs and lows we can identify certain patterns. For example, the low 0.9444 is the Head of a small inverted Head and Shoulders formation, which projected the move to the recent high of 0.9911.
If we zoom out, we can see a possible much larger inverted H&S under development. The Head is still at 0.9444 but the Shoulders are at 0.9667 and 0.9578 respectively, with the two highs, 0.9966 and 0.9911 providing the Neckline. Together, we have a possible double inverted H&S pattern.
Obviously, the second, larger H&S is not complete yet. For that, the price will have to rally above 0.9900 again. If it happens, though, the USD/CAD could make an important, longer-lasting bottom. It is just one of possible developments in this pair, but it is plausible and worth following.
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Forex Trading analysis written by Mike Kulej for Forexpros.
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Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.
Forexpros Daily Analysis - 13/07/2011
ForexPros Daily Analysis July 13, 2011
Free webinar on ForexPros - High Performance Trading for a Busy Lifestyle
Expert: Travis McKenzie
Start: Mon, Jul 18, 2011, 13:00 GMT
End: Tue, Jul 19, 2011, 14:00 GMT
Travis McKenzie will demonstrate the trading strategies and techniques he uses on a daily basis to fit trading into a busy lifestyle. He will discuss in detail his Precision Lifestyle Strategy which is a simply but extremely powerful combination of technical analysis tools which can be applied to any market and any timeframe. He will also dispel the myth that you can't earn a full time income from part time trading.
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The reversal in the CHF is working perfectly
The reversal in the Swiss, which I analyzed here, last week, is working perfectly. In spite of the strengthening of the USD against most of the major currencies, the Swiss is keeping its power, and it would have got even stronger if the US stock markets did not slide.
The reversal idea was brought up when the Swiss traded at 83.5, and the main goal was getting down to the historical low at 82.70, which the CHF eventually did. The question now is whether going in under that support or wait for correction up and another reversal. There are several approaches for this kind of situation, but I believe that it is dangerous to go into the market in extreme points, so you have to be careful.
Those of you who want enter the market in spite of the above, have to constantly monitor the trade, and choose an appropriate size for the current trading conditions. This pair has never traded under the support at 82.7, so it is difficult to point out a significant support under it. Therefore, the round number of 81.0 might be the level in which buyers will go in again.
*The reversal in the GBP/CHF from last week works even better and gained more than 200 pips so far.
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Forex Trading analysis written by Bastian Rubben for Forexpros.
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Visit Forexpros new Stock Quotes Section and our Eur Usd Forecast system.
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Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.
Forexpros Daily Analysis - 18/07/2011
ForexPros Daily Analysis July 18, 2011
Free webinar on ForexPros - High Performance Trading for a Busy Lifestyle
Expert: Travis McKenzie
Start: Mon, Jul 18, 2011, 13:00 GMT
End: Tue, Jul 19, 2011, 14:00 GMT
Travis McKenzie will demonstrate the trading strategies and techniques he uses on a daily basis to fit trading into a busy lifestyle. He will discuss in detail his Precision Lifestyle Strategy which is a simply but extremely powerful combination of technical analysis tools which can be applied to any market and any timeframe. He will also dispel the myth that you can't earn a full time income from part time trading.
Click here to join free
---
Commodity Currencies Will Be Bought Once S&P Consolidation Completes
The markets are consolidation as Japan was closed for holidays. But looking from a little bit larger perspective we may see dollar shorts soon, especially if commodities will remain bullish. The main reason for lower dollar is also a stock market, where S&P500 shows corrective price action on a daily. We are monitoring a triangle consolidation, and once this will complete, majors will rally. At the moment, wave E) of (4) still not done, as shown on the attached chart below.
Once the stocks will find buyers, commodity currencies such as Australian and Canadian dollar will find the support.
Aud/Usd Comments:
Aud/Usd bounced sharply higher at the end of June from 1.0389, where corrective wave (4) appears complete. Well, first impulsive leg found highs just below 1.0800 region, which was wave 1/A as labelled on the chart. As such, current price action must be corrective, with wave (c) underway that may test 1.05 once again, before uptrend resumes. We can also see a blue trend line in that area, that will also tend to react as a support.
Usd/Cad Comments:
After a sharp reversal from above 0.99, Usd/Cad made a nice corrective a-b-c pull-back within wave 2) that found the top at the trend line connected from 2011 lows. From there we can see an impulsive qualities, and if our count is correct, then pair should hit much lower levels in days ahead, as wave 3) appears to be underway with minimum targets seen at 0.94.
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Forex Trading analysis written by Gregor Horvat for Forexpros.
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Visit Forexpros new Forex Brokers Directory !
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Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.