FOREXYARD: Forex News Blog | |
- USD/CAD Set for Bullish Correction
- EUR/AUD- Technical Tip
- AUD/USD Rally Impending
- Crude Oil May See Correction Today
| USD/CAD Set for Bullish Correction Posted: 09 Mar 2011 05:48 AM PST
The USD has dropped significantly versus the CAD in the past few days, and it is currently traded around 0.9677. And now as evident in the data below, the 4-hour chart is giving bullish signals, indicating that USD/CAD pair might go up. Forex traders can take advantage of this impending movement by having their Entry Orders in place to capture this reversal. • Below is the daily chart of the USD/CAD currency pair. • The technical indicators that are used are the William Percent Range and Slow Stochastic. • Point 1: The Slow Stochastic indicates an impending bullish cross, signaling that the next move may be in an upward direction. • Point 2: The Williams Percent Range has peaked near at the -100 marker, which means that there may actually be a strong level of upward pressure. USD/CAD-4 Hour Chart |
| Posted: 09 Mar 2011 02:33 AM PST
A bullish movement of the EUR/AUD cross hasn't received much support as of late. Below, I will demonstrate that the EUR/AUD pair has already commenced a downward trend for today, as a bearish cross has taken place on the Slow Stochastic. In addition, the Relative Strength Index indicates that the price of this cross currently floats in the overbought territory, signaling down pressure. Traders are strongly advised to take advantage of the trend at an early stage. Therefore, why not open short positions at an excellent price?
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| Posted: 08 Mar 2011 11:30 PM PST
A brief look over our technical charts reveals a possible opportunity to earn a quick buck on the AUD/USD. The pair has been trading within an ascending wedge formation since October 2010. As the latest downturn has pushed the price of the AUD/USD to its lower trend line, the pair should rally sometime in the near future. Our oscillators do not appear to be signaling this impending move very strongly, which means some dips in value could yet occur. Looking at the chart below, the Stochastic (slow), while in a descending price pattern, has not yet entered the over-sold region, nor formed the necessary bullish cross to indicate an impending uptick. Nevertheless, the oscillator is rapidly approaching this point which means we could see it fully developed in the next day or two. Moreover, the MACD is also showing some mixed signals. While this indicator is signaling bearish crosses, they appear to be just slightly above the 0 line, meaning the downward pressure is perhaps too weak to make a solid impact. Overall, the ascending wedge pattern is the strongest technical force in this pair, it appears, and the lower trend line should have the most impact on its price for technical traders. As such, traders may want to get in on the price action after the AUD/USD bounces off the 1.0050 price line and rallies back towards 1.0200 (and possibly 1.0300) within its currently tightening range. AUD/USD – Daily Chart |
| Crude Oil May See Correction Today Posted: 08 Mar 2011 11:00 PM PST
The euro halted its recent bullish streak yesterday, as investor concerns regarding euro zone debt outweighed the recent hawkishness regarding interest rates in the region. The EUR/USD dropped well over 100 pips yesterday and is currently trading below the 1.3900 level. Today, traders will want to pay attention to the commodities markets as global news continues to affect prices, particularly with regards to crude oil. Here is a roundup of the day’s main news: 15:30 GMT- US Crude Oil Inventories The persistent violence throughout Libya has led to a sharp increase in the price of crude oil in recent weeks. While crude is still trading at well over $100 a barrel, there is evidence that today’s US inventories figure may start to bring prices down. US oil reserves are forecasted to come in at 0.8M, a sharp increase over last week’s figure of -0.4M. There is a growing consensus that demand for oil has gone down in the US due to rising prices. If today’s figure comes in as predicted, that notion would be supported and could result in a downward correction for oil in afternoon trading. |
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