Texas Trade Report Daily Report For 26 December 2013

 

Good Morning, Good Afternoon or Good Evening where ever you are in the world. This is Texas Trade Report for 26 December 2013. I am Liz S, your currency analyst for this daily edition.  I will be talking about the CAD/CHF, NZD/CAD,GBP/AUD currency pairs, gold and oil 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.

NZD/CAD Daily Chart

Onto the NZD/CAD, this pair had made it as a high to 0.8688 the daily chart. It is currently trading at 0.8663. This pair has been trending sideways for some time. We are seeing movement to the downside. It looks like will hit the 61.8 fib at 0.8503.  Here are the fib levels. The fib levels are for 23.6% at 0.8159 and 38.2% fib level at 0.8288 on the daily chart. At 50.0% fib level is 0.8395 and at 61.8% fib level at 0.8507.  It is the day after Christmas and seeing movement. My view is bearish for the short and medium term.

CAD/CHF Daily Chart

Onto the CAD/CHF, this pair had made it as a high to 0.8440 the daily chart. It is currently trading at 0.8439. This pair has been trending down for some time. This pair start look like it wants to go up and is starting to bottom out. I took a buy trade on this pair and a profit target at right at the 23.6 fib level this morning.  The fib levels at 23.6% level are 0.8590 and 0.8773 at 38.2 fib level. At 50.0 % fib level is 0.8921. At 61.8 fib level is 0.9058. I am bullish on this pair for the short and medium term. I believe that it will break above 23.6% fib level and the 38.2% fib level.

 

GBP/AUD Daily Chart

Onto the GBP/AUD, this pair has been trending up and is still in a rising wedge pattern. It is currently trading at 1.8475. It made a high of 1.8485. We do expect soon a retest around the 1.7407 area of support on the daily chart. It will confirm the bullish trend on the daily chart still holds. The stochastics are indicating that are turning to the downside. It looks for today that it wants to retests the high of 1.8557. The key fib level for 23.6% are 1.5957 and at 38.2% fib level is 1.6454. At the 50.0% fib level, it is 1.6839 and at the 61.8% fib level 1.67260. Quiet market conditions are prevalent today. I am still bullish on this pair for the time being.

 

Gold Daily Chart

Onto gold, it is up about $10.40. It is currently trading at $1213.60. I still believe that break above the $1265.95 and stay above it that would be bullish.  We did get a reporting from the US this morning indicating the unemployment job claims are 2.923 million versus 2.877 from the previous month. This was not a good sign for the USD today and caused the dollar to weaken.  I am going to wait and see if we continue to see gold going up at this point.

Oil Daily Chart

Onto oil, it is currently trading at $99.33 a barrel and is up a little bit. It is up by 0.20%. It looks like is trekking up and can see that it is happening at the time of writing this article .The key fib levels for oil at 50.0% at $100.50 and 102.79 at 61.8 fib level on the daily chart. I maintain my overall view on oil as bullish. I believe that it hit those fib levels.

We still see risk sentiment playing in these weird trading conditions.  It will continue for now and probably the end of the year. We did Bank of Japan release the meeting minutes to yesterday and saw the Yen pairs rise after the release of the meeting minutes and taken into account the day after Christmas, too. Just a little side note. Also, I will donating some of the commissions as an affiliate from the products and service anyone buys from this website to the locating charities especially after volunteering yesterday. This means if you buy gold and silver from Regal Assets, I will donate 10% of my sales commissions as an affiliate from Regal Assets and  them to people in need and giving to the local food banks and charities that work with the needy. Anyway, we are not going to see risk aversion at this point. I will put out another report tomorrow. Take care and good luck trading for the rest of today.

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