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FOREX…What you need to know for this week

by Mark Maldonado   More from this expert:  Articles  Blogs  Videos
Posted 2010/03/15 15:27:00, 0 Comments

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Traders,

Last week had some disappointing action with most pairs unable to reach their DAILY ATR.  The AUD was on most of our watch lists with two promising news items that could have pushed its related currency pairs to new highs or lows if forecasts were exceeded or simply met.  Instead, AUD Home Loans missed their mark on Tuesday, March 9th, and Employment numbers fell below their forecast on Wednesday, March 10th.  Still with a 5.3% unemployment rate and an economy that is stabilizing ahead of other metropolis nations the AUD/USD was able to climb 300 PIPs over the last week.

The majority of inactivity can be blamed on counter-trend trading; possibly a sign of profit taking from swing and position traders closing USD, EUR, and JPY related pairs.  When rates are moving against the monthly trend most daily ranges or short lived.  Fortunately the cure may have arrived.  Today, Monday, the USD released the Treasury International Capital (TIC) numbers representing the Net Foreign Purchases of Long-Term Securities.  This is followed by our scheduled FOMC statement on Tuesday afternoon.  This should be more than enough to resume the dominant 30 day trend of these pairs.

CHART TO WATCH…

EUR/USD (DAY Chart) has both a CCI that indicates an over-bought position and the Fib Retracement grid that identifies 1.3800 as a potential pivot point (reached today).  This could be good news for active, swing and position traders alike.

Also consider GBP/USD and EUR/JPY for similar reasons…

 

Trade Well,

Mark Maldonado

Forex Trading Coach

mmaldonado@tradingviews.com

 

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