Short-term FX traders: Know these levels
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.
Overnight the FX markets were somewhat quiet, but
the Dollar Index (DXC) has managed to grind a bit higher. Nonetheless, it has been
unable to regain any of the lost ground suffered since Sunday afternoon. Given
that prices have not filled the gap created at 88.05-87.70 seems like a bearish
sign to us. For now, 87.58-87.30 remain the limits on the current trading range.
A move towards 87.16 by weeks end seems like the most likely scenario presently.
On Tuesday, I posted the
second installment of a series of lessons that will introduce you to the
methods and strategies I use in the FX market. One of these pieces will
deal with how to integrate in daily support and resistance levels like the ones
noted below. Stay tuned.
Tuesday’s 24-Hour Technical Outlook
As always, feel free to send me your
comments and questions.
AspenTradingGroup