August 15, 2014

Forex Weekend Update for Aug 16-17th

Our algo closed the week with a 2-for-2 day on the Loonie and Aussie both ending the US session inside of the projected range. The daily price action was also right on the mark as the Loonie also broke a lower low and held a lower high while the Aussie broke a higher high and held a higher low.

Considering the amount of correlation between the Australian and Canadian Dollars, it's not one of the better signals but hopefully everyone got a piece of the action on at least one of the pairs on days like this.

The equities short-term recovery toward the highs is weakening the US Dollar against quite a few currencies this week.

One of the biggest exceptions, of course, being the British Pound which has been weakening from the strong uptrend on the UK's equities.

Either way, we're still expecting a bumpier ride come September for the equities markets - and rising volatility is a gift for short-term traders. In the meantime, we'll see how the price action looks on the way back up to the recent highs on the major indexes.

Even if you only trade currencies, never forget to pay attention to the context. Currencies are involved in every other asset's transactions so you're exposed to other markets whether you like it or not. Don't trade blind.

Get some rest over the weekend!

Practice Trading with Real Historical Data

Practice trading on weekends. Hone your skills. Test your strategies. Forex Tester is the leading professional trading simulator, offering historical tick data. Sharpen your skills and test your trading ideas using years of real price action.

Try Forex Tester today.
A proud partner of FX Helpline

No comments:

Post a Comment