Waiting for another round of USD buying (04/11/2013)

Over the past couple of days we have seen a tremendous drop in the drop of pairs such as the EURUSD,GBPUSD,AUDUSD,NZSUSD,EURJPY while we have seen a rise in pairs such as USDJPY,USDCAD,USDCHF.  Today however we have seen a weaker US Dollar . Is possible that US Dollar buyers wanted to lock some profits, while some people are positioned to go against the USD thinking the rise is over. We position ourselves waiting to see when the rise in USD restarts and follow the trend.

Read about the Trend/Wave/Extreme system here

twx 04.11.2013By taking a quick look at the  Trend/Wave/Extreme  multi-currency view we can spot the following.

AUDUSD 04.11.2013

AUSDUSD (H4) – Sell Approaching

We can see using our Trend/Wave/Extreme indicator pointing

–          The Trend bar is red filled pointing down trend

–           Extreme bar is green filled overbought

Hence an upward correction may be over and a drop to resume.
Notes: Wait for two consecutive down candles before selling.

Keep an eye at the 0.9540 level as a trend reversal may occur upon its break

Several key economic Australian indicators are to be announced that could change the whole technical picture

nzdUSD 04.11.2013

 

NZDUSD (H4) – Possible Sell

We can see using our Trend/Wave/Extreme indicator pointing

–          The Trend bar is red filled pointing down trend

–           Extreme bar is green filled overbought

–           A double top has been formed

Hence an upward correction may be over and a drop to resume.
Notes: Wait for two consecutive down candles before selling.

-Consider for stop loss the 0.8340 level as a trend reversal may occur upon its break

-Several key economic Australian indicators are to be announced that could change the whole technical picture

eurUSD 04.11.2013

EURUSD/GBPUSD :  Down trend with  Up Waves on neutral extreme conditions.  These two pairs have been dropping and are now demonstrating an up correctional wave. Best cause of action is to monitor them and come back later.  Is likely to see EURUSD rise to 1.3535 and GBPUSD to 1.6000

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.