Morning FX snapshot
USD/CAD Technicals
Following up on our comments regarding the dollar and its
‘labored’ feel – USD/CAD is exhibiting similar characteristics. We will only
become convinced that the up-trend in this pair has resumed on a close (New
York) above 1.1411 – from there we may see 1.1435.
Bottom line: not the best set-up currently.
10/18/06 13:41 GMT
Trade Idea Follow Up
AUD/USD & USD/CHF – while tempting trades as noted in previous posting still
feel as though we might be chasing an entry price. The dollar is firm, but still
feels like it is laboring to make moves higher.
10/18/06 13:40 GMT
EUR/USD Technicals
Hearing of some solid bids at 1.2500 – Source: RAN Squawk
A break of 1.2500 will expose the 1.2495 level we noted last evening as key
support – a break here could see prices move towards 1.2455
10/18/2006 13:14 GMT
Trade Idea
We are looking to short AUD/USD on a break below .7520 as well
as going long USD/CHF on a break above 1.2730 – we will monitor and report as
needed.
Dave
Dave Floyd is a professional FX and stock trader based in Bend, OR and the
President of Aspen Trading Group. Dave’s approach to FX combines technical
and fundamental analysis that results in trades that fall into the swing
trading time frame of several hours to several days. For a free trial to
Dave Floyd’s Daily Forex Alerts
or call 888.484.8220 ext. 1.