Peter Bain Forex Trading Commentary for Wednesday March 8, 2006
Forexmentor.com Currency Trading Price Action
The pound came to life again yesterday, shortly after the 8:30 am ET news - as did the euro. Correspondingly, the Swiss franc turned turtle, as is to be expected, given the way it is paired with the USD. As I said yesterday, I find it much easier to work with a pair that is trending up, versus down. So, today, the GBP/USD is the flaveur du jour. I just like its chart action and yesterday's reversal better than the EUR/USD. Why make it tough, if it doesn't have to be? You will notice that we subsequently had a reversal, in the form of railway tracks, at the London open today - at M3 on an M1/M3 day - all the while Stochastics(slow) was overbought. STO, being an oscillator, is a good indicator to use when a market is trending.
See today's chart at: http://www.forexmentor.com/campaign/mar0806.html
See sample AM Reivew at: http://www.forexmentor.com/sampler/
Forexmentor.com Forex Trading News
Housing bubble? What housing bubble? It's bursting. It looks like the Canadian housing market has peaked. Who could have guessed? Even the Canadian dollar is getting a case of the uglies from lower expectations in the housing sector, and weaker commodity prices aren't helping either. This despite the BoC's rate hike on Tuesday, which normally would bolster the loonie.
State-side, house prices appear headed south too. Take Sarasota, Florida, for example - down 48%. Ouch!
U.S. stocks are in the doldrums, as the yield on the U.S. Treasury's 10-year note reached its highest level since the Federal Reserve began raising interest rates in June, 2004.
Crude oil prices got some relief, as OPEC signaled its intention to keep production close to the highest level in two decades.
The pound came to life again yesterday, shortly after the 8:30 am ET news - as did the euro. Correspondingly, the Swiss franc turned turtle, as is to be expected, given the way it is paired with the USD. As I said yesterday, I find it much easier to work with a pair that is trending up, versus down. So, today, the GBP/USD is the flaveur du jour. I just like its chart action and yesterday's reversal better than the EUR/USD. Why make it tough, if it doesn't have to be? You will notice that we subsequently had a reversal, in the form of railway tracks, at the London open today - at M3 on an M1/M3 day - all the while Stochastics(slow) was overbought. STO, being an oscillator, is a good indicator to use when a market is trending.
See today's chart at: http://www.forexmentor.com/campaign/mar0806.html
See sample AM Reivew at: http://www.forexmentor.com/sampler/
Forexmentor.com Forex Trading News
Housing bubble? What housing bubble? It's bursting. It looks like the Canadian housing market has peaked. Who could have guessed? Even the Canadian dollar is getting a case of the uglies from lower expectations in the housing sector, and weaker commodity prices aren't helping either. This despite the BoC's rate hike on Tuesday, which normally would bolster the loonie.
State-side, house prices appear headed south too. Take Sarasota, Florida, for example - down 48%. Ouch!
U.S. stocks are in the doldrums, as the yield on the U.S. Treasury's 10-year note reached its highest level since the Federal Reserve began raising interest rates in June, 2004.
Crude oil prices got some relief, as OPEC signaled its intention to keep production close to the highest level in two decades.
<< Home