The pick of the day is AUD/USD since poor Mr. Aussie got into deep trouble this morning. You know how Chinese and Australian economies are interconnected? So not only there was a fall in Chinese stock, but Australia missed estimates on inflation data and reported weaker than expected CPI these all took its toll on Mr. Aussie dollar who suddenly dropped the beat on the forex dance floor and all of a sudden moved down about 50 pips dragging Ms. USA and other forex counterparts with him! Ms. USA on the other hand was mostly unmoved on March existing home sales report that beat expectations and ex Fed head Ben Bernanke who said US economy is going to rock and roll.
On the daily dance floor the pair is approaching the 23% Fibonacci level but still remains above the Ichimoku cloud with the RSI in the neutrality area. On a daily basis we could see further drops towards 0.9250 but most likely the pair will shoot back up with 0.94352 and 0.97107 as targets. Now a break below 0.90552 would alter our bullish outlook to bearish, with 0.88906 and 0.86721 as alternative targets.
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Oh by the way, please don’t get offended by the “moron” comment in today’s video. It’s actually meant for a respectful German reporter at NYSE who was standing right in front of me during the production, is getting interested in forex but thinks there is no way he can understand forex ever.
Intraday Forex Technical Levels
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