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Feb 08

Forex Trade Alert for AUD/USD

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Forex Trade Alert for AUD/USD

Forex Trade Alert for AUD/USD

Australian Dollar.

02.06.2010.

The market is stalling. It may be wise to exit this trade. Market is holding below the 0.8733 level. 4xGenie Action: ==> Maintain short position. Price projection of 0.8655 has been reached. Stop at 0.9083. Wave C could drop down to 0.8300. NOTE: This is a very strong bearish sign with the lower pivot band falling lower and with today’s close below the lower pivot band. The CCI is below -100. This currency pair is oversold at this time.

A one hundred dollar Australian note
Image via Wikipedia

The Aussie dollar is headed for a test of primary support against the greenback. Breakout below $0.8733 would signal a primary down-trend while respect would indicate another test of $0.8300. Bearish divergence on Momentum Oscillator (21-day) favors a down-trend.

4xGenie Support Team

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Feb 06

US Dollar Index, Gold and Crude Oil Outlook

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US Dollar Index, Gold and OilUS Dollar Index, Gold and  Crude Oil Outlook.


The US Dollar Index

The US Dollar Index is in a primary up-trend, having broken through 80.5, and offers a target of 90.0. Reversal below the rising trendline is unlikely, but would warn of a test of primary support at 76.5.

Gold

A strengthening dollar usually signals gold weakness, but there are two factors that mitigate against this: continuing low interest rates (higher rates increase the attractiveness of alternative investments); and rising concern over sovereign debt, causing a flight to the (relative) safety of both gold and the dollar. Breakout above the declining trendline would signal a test of the January high at $1165, while reversal below support at $1080 signal a primary down-trend. A Momentum Oscillator (21-day) peak below zero would also warn of a trend reversal.New Target 1.025

Crude Oil

Crude retreating below the rising (green) trendline warns of trend weakness — and failure of primary support at $72 signal a primary down-trend. Recovery above $76, however, indicates another test of resistance at $80. New Target $68.

Top Oil Producing Countries 1960-2006
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