The Euro Rests at Support As We Count Our Hefty AUD ProfitsOur open position in the Australian dollar has been closed, and at a sizable profit. But the countdown to tomorrow’s Fed is on, and it pays not to rest on laurels.
The setups in the other currency pairs won’t wait, so let’s get down to reading the stories they tell.
EUR/USD – More of the Same
EUR/USD hasn’t moved much yesterday or earlier today – it’s meandering around last week’s lows and the green support zone.
The CCI and the Stochastic Oscillator are very close to generating their buy signals, and this could encourage the bulls to push the pair higher in the very near future.
USD/CAD – About to Roll Over?
USD/CAD broke above the red resistance zone, but hasn’t overcome the 38.2% Fibonacci retracement for three days in a row. The CCI and the Stochastic Oscillator are close to generating their sell signals, increasing the probability of reversal in the very near future.
AUD/USD – Downside Target Reached
AUD/USD extended losses and slipped to the green support area mentioned yesterday. In this way, the pair has also reached our exit target, closing our short positions with a sizable profit (as a reminder, we opened them on July 19 when AUD/USD was trading at around 0.7056 – we marked this level with the black dotted line on the chart).
Although the sell signals generated by the indicators remain in play, the room for further declines appears limited.
Summing up the Alert, the euro stopped at the upper border of the green consolidation yet the daily indicators look ready to support the bulls soon. The price action doesn’t attest to any signs of their strength though – no position is justified as a result. AUD/USD downswing has dealt us sizable profits and our open position has been closed by the waiting take profit order. Apart from these, there’re no other opportunities worth acting upon in the currencies. As always, we’ll keep you – our subscribers – informed.
Forex & Oil Trading Strategist
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All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski’s, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.