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.
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