This blog is a means to keep track of market analysis and trade ideas in order to improve my trading experience and achieve consistent trading results
Tuesday, 1 November 2011
Watching to long USD
We are possibly going to test the broken uptrendlines on majors. I am not sure EURUSD or AUDUSD can go that high to test trendlines. Instead they may reverse from congestion areas while GBPUSD could reach the uptrendline since it is very close.
I would be watching 1.3815/20 level on EURUSD. GBPUSD may come to 1.6035 (currently where the broken uptrendline is) where it will be a great short candidate. AUDUSD may stall around 1.0460 area where 50MA currently is. USDCAD may form the handle of a possible cup & handle pattern.
Should USD continue to rally instead without cosolidation, it is worth keeping sell stop orders at 1.3600 for EURUSD, 1.5883 for GBPUSD, 1.0264 for AUDUSD and a Buy Stop at 1.0214 for USDCAD.
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