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The Trader Advantage: Six Forex Pairs Go To Market
Excerpts taken from The Trader Advantage Program
Euro:
The euro found some support in the 1.3600 area, but from here the pair is expected to push lower, targeting the 1.3450 area. Greece continues to be a major problem for the Eur, forcing some radical analysts to claim that Eur/Usd will reach parity, in the 1.0000 area. Even if the road is very long until parity is reached, the main trend remains short for now.
Cable:
Cable lost only 70 pips in Thursday trade, even though the pound is one of the weakest currencies over the mid-term. On the lower time-frames, Gbp/Usd has developed a down-trend channel that could help it push below the 1.5170 area, where the 20-day moving average is located. Following the selling pressure seen recently, the pound’s daily momentum read has turned to Short from Neutral.
Aussie:
The aussie is holding tightly just below the 0.9200 area, near a resistance trend-line that has been in place since November 09. This will be interpreted as a bullish sign, since these swing points are frequently packed with reversal orders. On the medium term, the aussie is perceived as very capable of pushing above the 0.9200 area.
Cad:
The cad continues to trade on very thin volume and low momentum, and is something that reduces its ability to create sustainable price action. On the 4-hour and daily charts, the cad seems to have formed a swing point low, meaning that investors should favor Long plays. The 1.0450 area seems to be a viable medium-term target.
Swissy:
The tight correlation between the Chf and the Eur has broken down over the last few days of trading. This was seen very well on Thursday, when the Usd/Chf plunged +100 pips in a stair-step/elevator play that shook up both stop and limit automated order flows, as the Eur/Usd kept plunging. The Eur/Chf is currently struggling to break above the 50-day moving average, and is now at levels not seen in a very long time.
Yen:
The yen has formed another doji-star formation on the daily chart, being the 10th in a row. This denotes the market’s indecision, especially as the Jpy fundamentals are so very poor right now, and are supporting an upward break for the Usd/Jpy. The next major resistance areas for the pair are in the 92.50 and then in the 94.00 areas. The daily trend and momentum reads remain neutral.
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