The
USD/CAD and AUD/USD have both triggered swing entries on a roller-coaster of a
day on Wall Street where the Dow surged from what seemed to be a down close to
rally back higher through 12,800 on the doorstep of 12,900. The dramatic shift
in risk - from OFF to ON the table - have benefited the daily swing entries on
the USD/CAD and AUD/USD.
This update is a follow-up to yesterday’s “AUD/USD:
Intraday weakness in an overall uptrend” article where I outlined
how to view the short-term and longer-term trends in the AUD/USD. The
longer-term trend, the uptrend on the daily chart, corrected to the aggro swing
buy level at the 20 period SMA close. In fact, it was beginning to lose footing
and slip below this level until the last 25 minutes of the trading day on Wall
Street.
Past
performance is not indicative of future results
The daily AUD/USD has corrected into
the support of the 20 period SMA close triggering an “aggro” swing buy. The rally
back above this level came as risk appetite roared back on likely rumor of a
new commitment from Greece.
The USD/CAD entry while not triggering in as established a trend
as the AUD/USD has corrected to parity where the major psychological level, the
200 period SMA close, and the 34 period EMA low are all acting as resistance in
this relatively new downtrend on the daily chart. The parity level seems to
have held as the loonie was able to regain on the greenback when the Dow surged
pushing the greenback lower. Crude oil was also able to maintain support above
$100/bbl after venturing above $101.
Past
performance is not indicative of future results
The USD/CAD had the strength in crude
and oil to help push it lower off the 1.0000 parity level and as swing entries
from both the 20 period SMA close and 34 period EMA low triggered.
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 Interbank FX, 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.
The USD/CAD and AUD/USD have both triggered swing entries on a roller-coaster of a day on Wall Street where the Dow surged from what seemed to be a down close to rally back higher through 12,800 on the doorstep of 12,900. The dramatic shift in risk - from OFF to ON the table - have benefited the daily swing entries on the USD/CAD and AUD/USD.
This update is a follow-up to yesterday’s “AUD/USD: Intraday weakness in an overall uptrend” article where I outlined how to view the short-term and longer-term trends in the AUD/USD. The longer-term trend, the uptrend on the daily chart, corrected to the aggro swing buy level at the 20 period SMA close. In fact, it was beginning to lose footing and slip below this level until the last 25 minutes of the trading day on Wall Street.
Past performance is not indicative of future results
The daily AUD/USD has corrected into the support of the 20 period SMA close triggering an “aggro” swing buy. The rally back above this level came as risk appetite roared back on likely rumor of a new commitment from Greece.
The USD/CAD entry while not triggering in as established a trend as the AUD/USD has corrected to parity where the major psychological level, the 200 period SMA close, and the 34 period EMA low are all acting as resistance in this relatively new downtrend on the daily chart. The parity level seems to have held as the loonie was able to regain on the greenback when the Dow surged pushing the greenback lower. Crude oil was also able to maintain support above $100/bbl after venturing above $101.
Past performance is not indicative of future results
The USD/CAD had the strength in crude and oil to help push it lower off the 1.0000 parity level and as swing entries from both the 20 period SMA close and 34 period EMA low triggered.
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