Friday, January 13, 2012

Forex Pairs to observe

Some interesting moves today. The market felt like a roller coaster for a bit with all the fundamentals coming out. Currently I am not impressed with the markets. From yesterday, unfortunately not too many opportunities could have been taken from the pairs we were observing. The rally of the euro caused a lot of the pairs to retrace further than expected. Some went sideways. Some are staying at the same resistance levels as 2 days ago, especially the gbp/jpy, ch/jpy and eur/jpy pairs. Im still looking to short these pairs if resistance holds. Gold and silver behaved in a predicted fashion the bulls did indeed take charge and drove the metal to 1660’ area where strong resistance lay. Silver showed a similar move approached resistance and is currently u-turning. im anticipating both metals to drop to lower support levels. Gbp/Chf broke through support and tanked really fast.
The pair im currently looking at is

Aud.Nzd –This pair is currently retracing towards strong resistance level of the higher timeframe around 1.3050 area. If resistance hold be ready for some short opportunities. I know many traders that dont like this pair because of the high spread and the volatility on it. I agree with them but given a fantastic opportunity I would trade this pair. There might be a short opportunity coming up.

Gbp/Usd—This pair broke out of the channel not to long ago and is currently retracing to meet the back side of it at around 1.5400 area it might not make it and u turn around 1.5375. if resistance holds ill be looking for short opportunities here.
Other than that there isn’t any great set ups that im currently looking at, im going to be on the sidelines on a lot of the pairs until a clear direction is taken. Ill probably be looking at some scalp trades. You could probably scalp commodity dollars against the Usd in the retracements or the commodity dollars against the yen pairs. You can probably scalp silver and gold on its way down, that is if it continues to go down.

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