Trade Strategy: USD/CAD – 12/22/2011

Action Forex’s current trading strategy for the USD/CAD pair is to hold long entered at 1.0230 with a target of 1.0400 and a stop at 1.0170.

Although price has retreated after yesterday’s rebound to 1.0310, reckon yesterday’s low at 1.0209 would hold and bring another rebound, above said resistance would add credence to our view that a temporary low is possibly formed there and consolidation with upside bias is seen for gain to 1.0350 and possibly towards 1.0400.

Read the full strategy details here:  LINK

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3-Week High for USD/JPY

According to Forex Pros, the USD/JPY pair hit a new 3-week high today.  In European trading, the pair gained 0.16% to hit the high at 78.18.

Forexpros – The U.S. dollar rose to a three-week high against the yen on Thursday, as market sentiment waned after a downward revision of U.S. economic growth dampened hopes for recovery in the world’s second largest economy.

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CBI’s Daily Currency Auction – December 22, 2011

The results of today’s CBI daily currency auction were:

DETAILS NOTES
Number of banks 24
Auction price selling dinar / US$ 1170
Auction price buying dinar / US$ —–
Amount sold at auction price (US$) 281,197,000
Amount purchased at Auction price (US$) —–
Total offers for buying (US$) 281,197,000
Total offers for selling (US$) —–

Source: CBI

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Trade Strategy: GBP/USD – 12/22/2011

Action Forex’s latest trading strategy for the GBP/USD pair is to buy at 1.5600 with a target of 1.5750 and a stop at 1.5565.

Despite intra-day brief bounce to 1.5729, as cable has retreated after meeting renewed selling there, retaining our view that further consolidation below yesterday’s high of 1.5775 would be seen and below support at 1.5648 (yesterday’s low) would bring retracement of recent rise to the Ichimoku cloud bottom (now at 1.5622) but renewed buying interest should emerge around 1.5600 and bring another rise later.

Read the full details here:  LINK

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Elliott Wave Analysis: USD/CAD – 12/22/2011

Action Forex’s newest elliott wave analysis for the USD/CAD pair is showing that traders should look to buy at 1.0150 for 1.0450 with a stop below 1.0050.

Despite last week’s rise to 1.0423, the subsequent retreat has retained our view that further consolidation would take place and weakness to 1.0190-00 and possibly 1.0150 would be seen, however, still reckon support at 1.0052 would hold and bring another rebound later.

Read the full analysis here:  LINK

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Trade Strategy: USD/CHF – 12/22/2011

Action Forex’s current trading strategy for the USD/CHF pair is to buy at 0.9275 with a target of 0.9390 and a stop at 0.9240.

Although dollar has retreated in European morning, as yesterday’s strong rebound from 0.9245 to 0.9392 suggests a temporary low is possibly formed there, reckon downside would be limited to 0.9270/75 and bring another rebound later.

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CBI’s Daily Currency Auction – December 21, 2011

The results of today’s CBI currency auction were:

DETAILS NOTES
Number of banks 26
Auction price selling dinar / US$ 1170
Auction price buying dinar / US$ —–
Amount sold at auction price (US$) 249,560,000
Amount purchased at Auction price (US$) —–
Total offers for buying (US$) 249,560,000
Total offers for selling (US$) —–

Source: CBI

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Trade Strategy: USD/CHF – 12/21/2011

Action Forex’s current trading strategy for the USD/CHF pair is to exit short entered at 0.9400 and sell at 0.9400 with a target of 0.9250 and a stop at 0.9435.

Despite intra-day brief fall to indicated downside target at 0.9250, lack of follow through selling and current rebound from 0.9245 suggest low is possibly formed and consolidation with mild upside bias is seen for a test of the Ichimoku cloud top (now at 0.9369) and possibly to previous resistance at 0.9381 but reckon 0.9401 would limit upside, bring another decline later.

Read the full strategy here:  LINK

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2-Week High for AUD/USD

According to FXStreet.com, the AUD/USD pair hit a 2-week high today at 1.0218 before quickly retreating below 1.0150.

FXstreet.com (Buenos Aires) – Aussie reached a fresh 2-week high against greenback at 1.0218 before retreating strongly to levels below 1.0150, as European indexes erase most of its daily gains and test negative territory.

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Candlesticks and Ichimoku Analysis: AUD/USD – 12/21/2011

Action Forex’s newest candlesticks and ichimoku analysis for the AUD/USD pair is showing that traders should hold short entered at 1.0150 for 0.9950 with a stop above 1.0250.

Despite early fall to 0.9862, yesterday’s rebound formed a long white candlestick, suggesting a minor low has been formed at 0.9862 and consolidation above this level would take place, however, as long as the Tenkan-Sen (now at 1.0121) holds,  mild downside bias remains for another decline and a break of said support at 0.9862 would extend the decline from 1.0382 to 0.9800 but price should stay well above previous support at 0.9664, bring further choppy trading later.

Read the full analysis here:  LINK

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