Here are some setups worth monitoring
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
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Here Are Some Set-Ups & Observations
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AUD/USD
beginning to look tired as it battles the .7555 level – we are beginning to
sense that lower levels could be seen but for now that is just a ‘hunch’. Given
that AUD remains well bid on the crosses, particularly AUD/CAD we are not ready
to risk capital on this idea, but we will keep an eye on AUD/USD.
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Two possible
bearish signals:
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-Â Prices (AUD/USD)
break below trend-line support at .7521
-Â AUD/CAD break below .8507
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A move above
.8610 in AUD/CAD makes a weak AUD/USD far less likely as this would signal a
weekly reversal on this cross.
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EUR/CHF Technical Outlook
For the
last couple of weeks we have been noting the lack of follow-through lower in
this cross despite all the geo-political tensions in the world. While it was a
delayed reaction by about 6-7 hours, it appears that EUR/CHF has responded to
the situation in the Gaza strip by breaking below the 1.5650 level.
This break of the recent range now
puts this cross squarely in play and we will be monitoring it for potential
short entries.
Updating
our earlier posting on looking for short entry points on EUR/CHF we will look to
short into the 1.5625 level expecting it to hold and looking for gradually lower
prices towards 1.5575 & 1.5550
Caveat: while this trade has technical merit – any improvements from a
geo-political perspective may diminish the bearish tone to this cross.
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As always,
feel free to send me your comments and questions.
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Aspen
Trading Group
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