Trend for 12th of August (updated) ~ forex trading reviews
Unusually calm Friday
Hi, everyone. Relatively calm day in the currency markets with no major market trend in any currency pair. This is probably due to the fact that there was no major news announcement from the biggest world economies. It is very unusual for Fridays, when you have the most volatile days in the week. On the whole, the week was not very direction oriented one, except for commodity currencies. Most of the pairs were jumping up and down and it is quite difficult to make money under that type of conditions. You have to wait for a direction which either comes when fundamental things are release of when a security breaks out from its’ channel.
AUD/USD and AUD/JPY form bullish patterns
I see trend opportunities coming in commodity currencies such as aud/usd or aud/jpy. If you look at price action of the pairs during the last week you will see some bullish structure in development. How do we know it? One of the best signs of that are higher lows. After a collapse of aud/usd pair, the low was finally established on the 9th of August. Then the pair produced higher lows and it looks like it wants to attack its’ most recent resistance which was also established on the 9th of August. So, if you asked me which pairs are best to trade in the nearest future I would say that they are aud/usd and aud/jpy.
See also:
Breakout
Range
Disclaimer
Trading financial markets carries a high level of risk, and may not be suitable for all investors. All information on the blog is of educational nature and cannot be considered as advice, recommendation or signals to trade in any financial markets.
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