Aussie:
The aussie saw limited price action during the Asian and the European sessions, moving less than 40 pips. The pair is holding at the highest level touched since mid-January, but the daily trend and momentum reads are both neutral, not supporting any new buying pressure. Still, the aussie has some help from the fundamental side, which looks very strong.
Aud/Usd potential reversal at 0.9170
Cad:
Usd/Cad is having one of the slowest weeks of the last few months of trading. Since Monday, it has moved only 100 pips. Despite this, the cad is trading at a very important price point, near the 1.0200 area. A break lower will send it to the lowest level touched over the last 19-months of trading and will certainly open the road down to parity, at $1.
Usd/Cad neutral price action at 1.0275
Global equity futures are back testing previous session highs, as oil and gold hold support.
Forex momentum is Neutral, and offering only near term breaks at the moment, as prices hold the daily neutral Swing Points.
Price action will be contained until equities can break their three day sideways channel. The global equity and commodity 4 Hour chart reads show Long, but overbought trends that will likely hold currencies in their daily ranges.
Written by TheLFB Trade Team, © 2007-2008 LFB Services, LLC. All rights reserved. http://www.TheLFB-Forex.com
TheLFB Risk Disclaimer can be found at http://www.thelfb-forex.com/content.aspx?id=174.
The Copying, Broadcast, Republication or Redistribution of TheLFB Content is Expressly Prohibited Without the Prior Written Consent of LFB Services, LLC.
About the Author
Written by TheLFB Trade Team, © 2007-2008 LFB Services, LLC. All rights reserved. http://www.TheLFB-Forex.com
TheLFB Risk Disclaimer can be found at http://www.thelfb-forex.com/content.aspx?id=174.
The Copying, Broadcast, Republication or Redistribution of TheLFB Content is Expressly Prohibited Without the Prior Written Consent of LFB Services, LLC.
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