December 14, 2011 5:41:01 PM by
Peter
Forex Trading CFD Report - Technical Analysis AUDUSD EURUSD Dollar
US Dollar CFD: 80
There are two positive wave counts here, not that is matters that much, as the main point and the main trend is up. The 80 (TL8) is a Major TradingLevel and we can expect swings across TL8, not only in the near term, but also in the medium term. Like gold edging lower through 1650 and 1500 the Dollar will edge higher
EURUSD 1.3075
TradingLevels: The MinorLevel and the top of Minor Group1 is 1.30, while the Dollar is spending time at TL8|80 the Euro will spend time at mTL3|1.30
Elliott Wave: Wave three makes new low
Trading Strategy: In the bigger picture you understand the Euro is in a major trend down and the Euro, when trending strongly has shallow retracement levels, this of course doesn’t make it any easier to trade, but they are two important points that can offer comfort if your trading daily weekly or monthly bars with the Robo method. Another important point, is that the Euro appears to be leading the bear market the SP500 hasn’t caught up yet, so you could be on your own here
AUDUSD 1.068
TradingLevels: While the US Dollar is spending time at 80 the AUD while spend time at 1.00. if you trade short term intraday trends then it’s only natural to expect volatile price action here and now, therefore trade less or trade another market
Elliott Wave: Wave C of Triangle (E) below 1.00 (see 4 Hour Chart)
Trading Strategy: The price is following the Euro, plus being a commodity dollar the copper market is under 350 trending down, so there’s not a lot on the upside here, so look for retests of price levels to short. Another small point if your shorting and that is the SPI being under 4200 rather than above 4200