Today’s update is all
about capitalizing on a correction and knowing that weakness in an overall
uptrend offers opportunity.
There’s been no arguing with the strength
– across the board – in the Australian dollar. Any correction in this currency
has been an opportunity to look for ways to get long again. The AUD/CAD has
been a favorite of mine because of the clear bullish Directional Bias. It
increases the likelihood that pullbacks will be bought into and I have been
looking at corrections to the 34EMA Wave on the 60-minute chart.
Past performance is not indicative of
future results
The
uptrend in the AUD/CAD has continued to set up swing buys along the 20 period
SMA close and 34 period EMA high.
The AUD/USD has been offering similar
opportunities and while the daily uptrend doesn’t offer the established clarity
that the AUD/CAD does, the aussie has been persistently outpacing the
greenback. After breaking higher through a bull flag pattern, the AUD/USD
attracted enough bullish attention to power through the 200DMA. The shallow
corrections have been better to swing buy along the uptrend of the 30-minite
chart.
Past performance is not indicative of
future results
Uptrends
are great to set up swing buys in but the corrections must be sizable enough to
be able to buy into and the 30-minute has offered a solid balance of a steady “twelve
to two o’clock” uptrend as well as pullbacks that reach my swing buy zone
between the 20 period SMA close and the 34 period EMA high.
The trend on the EUR/AUD and GBP/AUD
have been solidly lower and therefore swing shorts between the 20 period SMA
close and 34 period EMA low. I am focusing on the short-term 30-minute chart on
the EUR/USD while I am patiently sitting with limit orders to sell at the 20
period SMA close and 200 period SMA close (aka the 200DMA) on the daily
GBP/AUD.
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.
Today’s update is all about capitalizing on a correction and knowing that weakness in an overall uptrend offers opportunity.
There’s been no arguing with the strength – across the board – in the Australian dollar. Any correction in this currency has been an opportunity to look for ways to get long again. The AUD/CAD has been a favorite of mine because of the clear bullish Directional Bias. It increases the likelihood that pullbacks will be bought into and I have been looking at corrections to the 34EMA Wave on the 60-minute chart.
Past performance is not indicative of future results
The uptrend in the AUD/CAD has continued to set up swing buys along the 20 period SMA close and 34 period EMA high.
The AUD/USD has been offering similar opportunities and while the daily uptrend doesn’t offer the established clarity that the AUD/CAD does, the aussie has been persistently outpacing the greenback. After breaking higher through a bull flag pattern, the AUD/USD attracted enough bullish attention to power through the 200DMA. The shallow corrections have been better to swing buy along the uptrend of the 30-minite chart.
Past performance is not indicative of future results
Uptrends are great to set up swing buys in but the corrections must be sizable enough to be able to buy into and the 30-minute has offered a solid balance of a steady “twelve to two o’clock” uptrend as well as pullbacks that reach my swing buy zone between the 20 period SMA close and the 34 period EMA high.
The trend on the EUR/AUD and GBP/AUD have been solidly lower and therefore swing shorts between the 20 period SMA close and 34 period EMA low. I am focusing on the short-term 30-minute chart on the EUR/USD while I am patiently sitting with limit orders to sell at the 20 period SMA close and 200 period SMA close (aka the 200DMA) on the daily GBP/AUD.
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