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The Trader Advantage: Asian Momentum Impacted By Poor Aussie Data
Excerpts taken from The Trader Advantage Program
Australian home loans came in at -7.9 percent, twhich was the lowest read in a decade. Analysts were expecting a more positive 2.1 percent, but the increasing overnight interest rate, and the end of housing stimulus money has cooled the demand for home finance.
Global forex momentum is Neutral, and offering near term Swing Point breaks (see Pair Analysis for numbers) that may then follow through as longer term trades.
The global equity and commodity 4 Hour chart reads show Long, but overbought trends, and that may aid long Usd potential...Eur/Usd neutral price action at 1.3600... Gbp/Usd failed at 1.5025.... Aud/Usd potential reversal at 0.9150.... Usd/Cad oversold move higher from 1.0235.... Usd/Chf neutral price action at 1.0750.... Usd/Jpy neutral price action at 90.00....The sideways crawl continues, with near term trades that bank early.
Forex Momentum Times: 8-9pm, 2-3am, 6-7am EST. Outside of these, look to manage existing positions or look for 25 pip Swing Point trades that may lead to bigger moves when momentum hits (see Pair Analysis). As traders, we all have to battle the desire to jump in. Successful traders control that desire. Be professional, and set an anchor that uses 4 Hour chart signals (see above) that then allows a drop into the lower Swing Point charts to time an entry.
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