Daily Forex Markets Analysis (4-5/3/2013)

Read about the Trend/Wave/Extreme system here.

On Friday the markets regarding the USD were overbought. Now it seems that correction is over and it’s time to find trade opportunities to buy the USD again.

GBPUSD (4-HOUR) SELL

Why Sell:

-Pair is following a down trend

-Most trend indicators are pointing down

-2 Wave indicators are pointing overbought indicating up correction may be over.

Note: Wait for one or two strong down candles before selling the pair.

AUDUSD (4-HOUR) SELL

A trade that was recommended last Thursday 28/2 ( check here) . If you have missed this trade this is the chance to get back in as the pair has corrected substantially.

Why Sell:

-Pair is following a solid down trend that is acting as resistance

-All trend indicators are pointing down

-2 Wave indicators are pointing overbought indicating up correction may be over.

Note: GIven the existing trend line resistance, the pair may reach 1.02450 before dropping again. Be aware of the Australian Interest Rates decission coming up.

Read about the Trend/Wave/Extreme system here.

The following is an analysis of the currency markets using the Trend/Wave/Extreme system . You can read about the system here. Please read our Risk Disclosure and Terms of Use  prior to making a trade using this information.