Short USDCAD Hourly chart, fib resistance @ 1.2459 (already broken but price bar closing below that in 15 minutes should confirm validity) Entry: 1.2443 Stop Exit: 1.2483 Profit Exit: 1.2350
Good question - me too. The pair has been trading from 1.85 - 2.05/2.10 since its October runup. I can't imagine things in the outback are much worse, or as bad, as things in the EZ. I'm a small-position shorter at 2.005 - 2.01 if I'm watching when it hits.
All the commodity currencies are weak. Increased risk of global recession implies worse outlook for commodity prices hence the sell off. A stronger USD doesn't help either. Support for Kiwi at 5200, for AUD around 60-61.
thanks...great answer...I really need to be headed towards setting orders and not 5-10 minute trades...
I took a small short position in EURAUD. Looks to me like it may work lower over the longer term. I will stay short unless the downtrend line is violated on a daily close basis. Short @ 1.9976
USDCAD is a bit confusing to me. Looks like it is a critical stage to leg up or down again. Looks like it might head down to 1.12 area again to me. I am short @1.2472
USDCAD I just entered 3/5 of a short position @ 1.2450. This is a tough one though - very bullish on a daily basis. Limit Exit: 1.20 EURAUD Short Entry: 2.0007 Stop Exit: 2.0075 Limit Exit: 1.9650 Stops will be adjusted on a gut-basis.
EUR/AUD has been in a range for over 6 hours. When it breaks, it will be big, in my experience. If it stays below 1.9900 for a while. Been climbing since the 6th, still plenty of room.