Friday, February 3, 2012

Forex pairs to observe

Iam currently in 6 trades at the moment most of which are retracing or going sideways. Other pairs that im keeping my eye out for is Aud.Cad, Aud.Usd and Gbp.Usd. Keep in mind tomorrow there is going to be big fundamentals coming out for USD and Cad, please proceed with caution trading those crosses.

Aud.Cad & Aud.Usd

Aud.cad has been really profitable so far with its nice uptrend. It took out a major high on the daily not to long ago and I anticipate this trend to continue for time to come. It is currently sitting on support levels going sideways; I will be looking for a breakout towards the north. The fib target for this pair is at 1.0784 so proceed with caution after this point. Aud.Usd had a nice uptrend as well; the bulls really took over this pair and rallied it towards the north. At the moment it is going sideways and if the news from the states is negative tomorrow expect a strong rally towards the north.

Gbp.Usd

This pair broke through strong resistance levels of the higher time frames and I anticipate this upwards momentum to continue for some time to come. This pair is currently retracing towards support levels around 1.5770’s if support hold anticipate a further move north. Again, proceed with caution here, it will all come down to USD announcements tomorrow to see if this pair will rally north or retrace further down.

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