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Currency Pair Overview: Major Pairs Near Major Moving Averages
11/04/09 09:51 pm (EST)

Currency Pair Overview: Major Pairs Near Major Moving Averages - Nov 4 09 21:51 EST

Currency Pair Overview:

Major Pairs Near Major Moving Averages

Overall, most of the major pairs spent the Asian session trading near their major moving averages. During the session, Japan released their monetary policy meeting minutes where the bank pushed for better corporate funding support. Also, from Australia came the trade balance report which showed that the trade deficit widened less than forecasted.

TheLFB Charting LinkDollar Index Technical View: TheLFB Member Charts 

Daily chart trend: Short. Main price points: 75.00. Looking for: Ending diagonal

Prices on the dollar index daily chart were threatening the upper line of an ending diagonal, where a break-out will confirm that the bottom is in place. In this case a retracement into the red wave IV area will be expected, while the current lows around the 75.00 zone must hold. The price action on Wednesday, as stocks moved all over the charts, will only add to the volatility in these moves.

The RSI indicator is showing a bullish divergence, which also indicates a change in trend direction.

The euro (Eur/Usd 1.4890) is finding the 20 day moving average at 1.4864 as support during the new session. The pair bounced off the 50 day recently after finding more support. This helps give the pair the go ahead to move higher and will need to use this momentum to break above the 1.5060 area.

The pound (Gbp/Usd 1.6595) has been trading in a relatively tight range during the Asian session. The pair closed the day with over a 130 pip increase. Resistance was seen at the 1.6600 area which stopped the pair from moving higher five days ago while 3 of the main moving averages will act as support.

The aussie (Aud/Usd 0.9135) has again been rejected from the 20 day moving average at 0.9137. The pair is declining slightly during the overnight session and will see minor support at the neutral swing point at 0.9065.

The cad (Usd/Cad 1.0610) After falling below the 50 day moving average yesterday the cad has not managed to make a significant break in either direction. The pair has the 20 day moving average at 1.0530 to act as support.

The swissy (Usd/Chf 1.0140) has fallen below the 20 day moving average during the US session and has not even attempted to move back above it during the Asian session. The pair has slight support at 1.0120 while resistance is firmly settled at 1.0340.

The yen (Usd/Jpy 90.70) has had a semi-volatile session. The 50 day moving average at 90.90 blocked the pair from moving higher while the 20 day moving average moves into the same area. The 20 day moving average will be seen as resistance during the session.

TheLFB Trade Plan of the Day is one of the six that are available to members on the major pairs each day, plus four Jpy based cross pairs, as well as S&P futures, oil, gold, and the dollar index. 

Trader membership information

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Written by TheLFB Trade Team, © 2007-2009 LFB Services, LLC. All rights reserved.

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