Daily Forex Markets Analysis (7-8/3/2013)

Read about the Trend/Wave/Extreme system here.

What do we see today. An explosion of the Euro ,especially against the GBP, following the comments by ECB , while the JPY continues to decline as expected.  The USD eased against some currencies ,providing opportunities to get back in.


Why Buy

  • A clear UP trend pattern
  • Trend indicators pointing Up
  • A correction may be over evident by the Up candle currently formed and the Extreme indicators being oversold

Note: Wait for an additional Up candle before going long

Check USDCAD for a similar pattern

EURAUD (4-HOUR) Possible Sell or Buy Breakout

Why Sell

  • A down trend line holding and acting as resistance
  • Trend Indicators pointing down
  • Extreme indicators are pointing overbought

Note: Following the strength in Euro today we may see the pair break the down trend-line and head to the upside. Hence wait for a clear down signal before selling. Also under Daily timeframe the pair is under Up Trend.

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.