Just a heads up on Sunday. Starting Sunday I will do all of the Forex Report for the Texas Trade on this blog. I will repost this past Sunday Report in case you missed it. Here is the repost from the Law Ranger Blog
The Weekly FX Report using Texas Trading System
Risk Disclaimer:
Trading Forex is risky business and sometimes you will lose the money that you traded. You are leveraged 50:1 or even more. There is the risk of loss of the money have invested. Never invest money that you are not committed losing. There is a possibility of losing your original investment. If you are not sure about investing, seek the help of registered investment adviser.
Also, the purpose of this trading lesson is education. This does not constitute trading advice. Nor do I give out trading signals. All opinions are my own and not blogger.com nor Google.com.
Anyway, now that is out of the way. The sole pairs that I like to trade are AUD ,NZD and CAD pairs. I am not focusing the EUR or GBP because they are not my favorites. In Today's report we are going to focus on the AUD/USD and the NZD/USD. At the moment I am looking at the AUD/USD currency pair using a daily chart.
The Aussie has recently fallen to 0.9368. I believe this pair is going to head lower. Some of the reports coming out China have been good while some of the reports out of Australia were not good. Also, the Yellen confirmation has not helped the pair when it would normally. We would of seen this trend a bit higher. There are signs that RBA may not be too quick ramp up interest rates just yet. I still believe that it could to 0.9178 as support level. The rumors of taper chattering in the background from speculation. I am not going to be in the camp of saying if they are or aren't I rather trade on facts rather than rumor. I think it could go lower and waiting to see if does go there. I believe it will.
Now, on to the kiwi, I believe this will head lower as well. We still have the head and shoulders pattern on it. This pattern is still play I believe. I believe that recent activity with the Yellen testimony and have it leaked did not stop the overall downward pressure on the pair. It will head lower. Because there is not really general change in direction of trend. Right now, the Kiwi is expensive. Comments by Governor Wheeler indicate that he would like to see a lower kiwi before interest rates are raised.
I believe a lot will find out a bit more as the week progress with both pairs.I believe confirmation hearing will tell where the direction is going with regard to the dollar. I am very skeptical because S & P 500 looks very bubble like many reason. It looks like the market has not price in the taper yet. We will have to wait and see. I am going not be doing a lot buying at this point and being more cautious than anything. I will put out report weekly rather daily because I look to look at things from global macro view of currency markets and being able to anticipate when a black swan type can manifest itself. I am a using cycle indicator that I built from scratch because I not please with the ones that are out there. It can tell what is happening. I will put out another report next Sunday. We see what happens in the markets this week.
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