Texas Trade Report Daily Report For 11 December 2013

 

Good Morning, Good Afternoon or Good Evening where ever you are in the world. This is Texas Trade Report for 11 December 2013. I will be talking about the NZD/CAD, GBP/AUD, and CAD/CHF currency pairs in this daily report. This is sole focus of this report.  Before I can go any further, here is the risk disclaimer.

Risk Disclaimer:
  Trading Forex is a 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.

Onto the NZD/CAD, this pair had made it down to 0.8722 the daily chart. This pair is still very much in an uptrend. For the bullish trend to hold, we need to see if test 0.8607 support area to maintain our bullish bias on this pair on a daily time frame. Later on at 20:00 GMT, we have the RBNZ interest rate bank decision along with the policy statement and press conference with New Zealand Reserve Bank Chairman Graeme Wheeler. Mr. Wheeler will give clues possibly where he would like to see the Kiwi go. His previous statements and speeches that he would like to see lower Kiwi. I believe as soon as interest rates are raised that the hot money will flow into New Zealand. This will push the New Zealand dollar higher. Investors will invest in New Zealand when this happens. As I said earlier this pair is very bullish and as long as it continues that a retest around the 0.8607 support area would confirm the bullish bias for this pair. Also, the Chinese data does affect this pair came in negative. Industrial Production for Year to Date came in at 10.0% versus 10.3% from the previous month. This does affect the Kiwi because New Zealand is a trading partner of China. At the moment, there are no reports for Canada.  We will continue to the bullish bias for the meantime until anything changes.

Onto the CAD/CHF, this pair is still trending downward and looks like it has not yet found a bottom yet. It is currently trading at 0.8357.I don’t expect this to stay down forever.  A test above the 0.8524 would confirm a break of the continuous downward trend that it has found a bottom on the daily time frame. There are not at the moment any reports from Canada or are there any reports coming out of Switzerland. I do expect that this pair will bottom and try to break the downward trend. If this pair can break above the 0.8524 as we stated earlier, I believe it would signal that the downward trend has ended short term. This pair will probably trend downward for the short and medium term. Until I see any evidence of the stochastics turning upward and showing more interest in buying it will continue to trend down. I will wait until we can get a break around the 0.8524 area to place a buy trade at this point. Also, we would need to see after it breaks and that hold that as support. We will stay neutral at this point until we can see a break in the down trend for this pair. Last, week had good economic data coming out of Canada. I don’t expect that the Loonie will stay on its present course forever.  The employment numbers were good last Friday. We will hold as I said earlier.

 

Onto the GBP/AUD, this pair has been meandering a bit and not looking like that it wants to go anywhere. It is currently trading at 1.8036 at the time of writing this trading report. Previously, we stated that the data for Industrial Production for China was not good and really did not help the Aussie gain the traction it needed to send this pair lower. As result, it has been ranging for the moment. We have the unemployment numbers coming out of Australia at 00:30 GMT. The reports are the Employment Change, Fulltime Employment and the Part-time employment figures for the month of November. If we see good data from those reports, I do expect that this will help to send this pair lower. If we can test the 1.7245 area, this would maintain the bullish trend. The data coming of the UK has been good in some spots and bad in other spots. This pair is known to be “REAL” Orient Express” than the GBP/JPY because it is more volatile. It can really move very quickly. It does trend really well. Carney and company will cut back on the assets purchases. This will help the British pound go higher. They are preparing for their exit strategy much soon than a lot of their counterparts that have engaged in monetary stimulus. I still hold a bullish bias for the time being. It looks this way for the medium term on the daily time frame. There are not any major economic reports for the UK at this time. We will continue to maintain our bullish bias.

 

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I have been using the Forex Trendy tool to help assemble this report. It has done fabulous job of finding these trade possibilities. I will be paying the rest of the day to see if we continue to stay in tight range or go higher overall. We will see what happens for the remaining I did in yesterday weekly report. I am buying gold and silver for the show of my own hard work at trading and a reminder to store it as measure of wealth longer term. Don’t take this as recommendation. It is something that I am doing with my own profits. Take care and good luck trading this week.  I will put out a daily report. We will see what happens in the markets tomorrow. 

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