With today’s meandering
U.S. trading session, there’s no wonder the attention may be shifting to the
Asian session and the aussie and kiwi reports scheduled for the Asian open.
The bank holiday to start the week
means that we haven’t seen full participation in the Asian session yet so
Tuesday is really the full open for the week and what timing…the New Zealand
CPI and AUD Monetary Policy Meeting Minutes are scheduled to be release at
6:45pm 9:30pm EST, respectively.
Past performance is not indicative of
future results
The
AUD/USD sits at the 200DMA as the pair has entered the gravitational pull of
this psychological level. The 200DMA must be seen as near-term resistance for
now but the upcoming Minutes release could be the trigger needed for this pair
to resume the uptrend it had been developing.
The daily AUD/USD’s 34EMA Wave has
flattened as the pair has been unable to scale the recent highs along 1.0280 to
1.0327. With the selling pressure putting a price-based ceiling on the pair,
the economic news tonight is likely the catalyst that will resolve the stalemate
and despite the intraday/near-term strength in the pair, a dovish Meeting Minutes
highlighting concerns for consumer spending growth would likely be enough to
send the aussie back below 1.0200. The reason for the aussie strength today is
certainly not the weak to flat Dow but rather the speculation of more Chinese
stimulus.
These same factors, an anticipated
economic release and stimulus expectations, are the same reasoning behind the
NZD/USD move today.
Past performance is not indicative of
future results
The
200DMA is playing a large role on the overall flatness and lack of higher highs
on the daily NZD/USD.
While it may be tempting to trade into
intraday pullbacks based on the 30 and 60-minute uptrends, much of the strength
in these two pairs can also be attributed to the weak U.S. dollar so the
strength in these two pairs is not being driven by the aussie or kiwi but
rather by greenback weakness.
Past performance is not indicative of
future results
The
U.S. Dollar Index breakdown came after a mixed morning of economic results
which began with disappointing Retail Sales figures and a much-better-than
expected Empire State Manufacturing Index. The flat Business Inventories was a
footnote to the drop that the greenback saw as traders began selling the
dollar. It should be noted that the dollar sell-off was not accompanied by Dow
strength.
As an
active forex trader and Chief Currency Analyst for InterbankFX.com I do write
for a number of sites all over the web and I am happy to say that I will be
posting updates atwww.IBFXconnect.com. MyActivity Boardwill feature the trades from my trading account as well as
intraday commentary.
Start the discussion! Questions?
Comments. Leave it here at the Daily Forex Trading Edge for Raghee to
personally answer. Using the icons at the top of the article to forward this
update to a friend via email, post it on Google or Facebook or simply print it
out for reading later.
Forex trading is one of
the riskiest forms of investment available in the financial markets and
suitable for sophisticated individuals and institutions. The possibility exists
that you could sustain a substantial loss of funds and therefore you should not
invest money that you cannot afford to lose.
Posted By:
Raghee Horner
Raghee Horner, chief currency analyst for IBFX, provides her personal daily trading tips and insights through Dailyforextradingedge.com. An experienced trader with over fifteen years in the markets, Raghee is the co-founder of EZ2Trade Software and has taught her brand of technical analysis and charting strategies to students all over the world. She is an international author and has taught currencies, futures, and equities trading for over a decade.
With today’s meandering U.S. trading session, there’s no wonder the attention may be shifting to the Asian session and the aussie and kiwi reports scheduled for the Asian open.
The bank holiday to start the week means that we haven’t seen full participation in the Asian session yet so Tuesday is really the full open for the week and what timing…the New Zealand CPI and AUD Monetary Policy Meeting Minutes are scheduled to be release at 6:45pm 9:30pm EST, respectively.
Past performance is not indicative of future results
The AUD/USD sits at the 200DMA as the pair has entered the gravitational pull of this psychological level. The 200DMA must be seen as near-term resistance for now but the upcoming Minutes release could be the trigger needed for this pair to resume the uptrend it had been developing.
The daily AUD/USD’s 34EMA Wave has flattened as the pair has been unable to scale the recent highs along 1.0280 to 1.0327. With the selling pressure putting a price-based ceiling on the pair, the economic news tonight is likely the catalyst that will resolve the stalemate and despite the intraday/near-term strength in the pair, a dovish Meeting Minutes highlighting concerns for consumer spending growth would likely be enough to send the aussie back below 1.0200. The reason for the aussie strength today is certainly not the weak to flat Dow but rather the speculation of more Chinese stimulus.
These same factors, an anticipated economic release and stimulus expectations, are the same reasoning behind the NZD/USD move today.
Past performance is not indicative of future results
The 200DMA is playing a large role on the overall flatness and lack of higher highs on the daily NZD/USD.
While it may be tempting to trade into intraday pullbacks based on the 30 and 60-minute uptrends, much of the strength in these two pairs can also be attributed to the weak U.S. dollar so the strength in these two pairs is not being driven by the aussie or kiwi but rather by greenback weakness.
Past performance is not indicative of future results
The U.S. Dollar Index breakdown came after a mixed morning of economic results which began with disappointing Retail Sales figures and a much-better-than expected Empire State Manufacturing Index. The flat Business Inventories was a footnote to the drop that the greenback saw as traders began selling the dollar. It should be noted that the dollar sell-off was not accompanied by Dow strength.
As an active forex trader and Chief Currency Analyst for InterbankFX.com I do write for a number of sites all over the web and I am happy to say that I will be posting updates at www.IBFXconnect.com. My Activity Board will feature the trades from my trading account as well as intraday commentary.
Start the discussion! Questions? Comments. Leave it here at the Daily Forex Trading Edge for Raghee to personally answer. Using the icons at the top of the article to forward this update to a friend via email, post it on Google or Facebook or simply print it out for reading later.
Forex trading is one of the riskiest forms of investment available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose.
Raghee Horner