TheLFB produces six daily trade plans on the major currency pairs and yen cross pairs as well as four sets of commodity charts (S&P Futures, Dollar Index, Gold, and Oil). The daily trade plans feature trend, analysis, important price points for intra-day and longer term trades, key economic releases, and technical charts on the pair and it's correlating commodity chart.
Aussie Trend: Mixed
Overall: The aussie had a solid day on Monday, strengthening from the Sunday open and closing the day testing 0.7050. Today marked the 10th straight day the pair has posted gains, the longest streak since October 2007.
Traders became risk tolerant as equity markets and commodities moved higher on the Treasurys plan to rescue the financial system. U.S. equity markets soared as the Dow gained almost 500 points and the S&P added 54 points to close just below 823. On the day, the pair gained 155 pips, closing at the high of the day.
Technical: The pair trades between the 100 and 200 day simple moving averages but the current price point is nowhere near either. The relative strength index is in long mode, above the 60% line, on the daily chart. The 4 hour chart is long. The 1 hour chart is long.
Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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