USDCAD Morning Outlook - 12Nov09
Yesterday's USDCAD Forex pair outlook was dead on, the long bias was confirmed with price reaching as high as 1.0544 way overshooting my profit target of 1.0475 netting 31 Pips profit with even a possibility of more had I nursed this a little bit overnight. At the moment USDCAD looks like it's exhausted it's long term bias and come back down to 1.0491 which is still at the lower end of it's mean. With momentum completely non-existent I would imagine that price is going to be choppy for the rest of this morning.
Use a scalping technique if you can! With a slight short bias -- be careful however as volatility is incredibly low via the DCD indicator as per the chart below and wouldn't be surprised if there was a nice POP (breakout) in the very near future as well. Trading bias for today is choppy with a slight short -- look to retest 1.0415.
EURUSD Morning Outlook - 12Nov09
Thursday, 12 November 2009 08:25 |
What a ride yesterday! It's always fun to call it just right and then see this FX pair shoot right past your profit target! Yesterday's morning outlook on this Forex EURUSD pair was a short bias with a target of 1.4980 -- at the time price was at 1.5020. We grabbed a solid 40 pips on this trade uninterrupted. Today's market outlook however may be more choppy as the overnight London and Tokyo FX sessions led for a fairly distinct downside move down to 1.4900. I don't think there's much movement left in this pair for today as the total pip range has been 105 pips. So if you missed the EURUSD overnight trade then I think you've got maybe a little bit more downside or even possibly be able to catch some pips scalping the reversion to the mean. My bias for the rest of this New York trading session is choppy with a bit of a short bias down to 1.4880. So if you've got an excellent scalping technique use it!
EURUSD Morning Outlook - 11Nov09
Wednesday, 11 November 2009 08:56 |
Still looking for more downside on this FX Pair! EURUSD is still looking a little bit sick at the moment. Like in my previous articles this week it had reached the top of it's regression channel which tells me that it's fairly overbought still. With the last few bars in this chart you can see that price has stalled on 1.5010 area while momentum on the DCD indicator has started to gain and it is now above it's bottom envelope. With EURUSD at the top of it's regression channel, current declining price and increasing momentum my short term bias is on the down side with a profit target of 1.4980 - Chart attached (Click read more)
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AUDUSD Morning Outlook - 11Nov09
Wednesday, 11 November 2009 09:10 |
It's for the most part remarkable that this Forex trading pair looks exactly like EURUSD. And I would hasten to say then that the same requirements and hypothesis that had me thinking downside for EURUSD has me thinking nearterm downside movement to the regression mean on this pair as well. Not to mention that volatility is record low in the last few bars which means that there's a possiblity of a fairly forceful breakout to the downside. My profit target would be 0.9250. Chart is attached (click read more)
Last Updated (Thursday, 12 November 2009 08:55) USDCAD Morning Outlook - 11Nov09
Wednesday, 11 November 2009 08:50 |
USDCAD is rather exhausted by the looks of things on this little Forex Chart. With a fairly beautiful move to 1.0445 with solid momentum as we can see via the DCD it's easy to imagine that it would go on forever! I would however caution, with the USDCAD Dollar reaching extreme bottom points on it's regression channel on both 250 bar and 100 bars it seems to be oversold. I would be looking for a healthy retracement to above 1.0475 on this FX pair in the near term but when hit it will turn around and start marching back on it's downward short trend. Chart attached (Click read more)
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