FX Market Analysis
This is a forecast of the foreign exchange market and crude oil for March 30, 2012.
AUDCAD: Bottoming action forming over the next 24-48 hours. Look to buy Aussie-CAD dips when 15-60 minute trends (or higher) are heading up. Expect an initial pop up, a pullback, then a more serious rally, as suggested by the computer forecasts. See the chart with the analysis below.
AUDJPY: Weekly chart pattern suggests a top between the recent high at .88 to the upper trend-line in RED at .91 area for Aussie-Yen. Ideally, it would pull back a bit first to the purple automated midline, then rally once again. Until we know for sure, daily trend is down. Looking for a possible low around .83. See the AUDJPY chart below.
AUDNZD: Super short trade on Aussie-Kiwi working out…Look to continue to sell rallies in this currency pair. I expect a pop rally over 48 hours for another potentially nice short set up for a final plunge to the 1.2530 price area. See the chart below.
EURUSD: Euro forecast shows sideways movement, then a breakout within 24-48 hours. Daily trends are obviously up, so look to buy dips, unless 15-60 minute trends turn lower, you may want to fade rallies should a breakdown occurs, as it is also possible here and somewhat suggested by the computer analysis after a brief rally.
EURCHF: Sideways then a big breakout…Daily trends are obviously up, so look to buy dips unless 15-60 minute trends turn lower. You may want to fade rallies should a breakdown occur, as it is also possible here and somewhat suggested by the computer-generated forecasts after a slight rally.
Crude Oil and Trade Reco
OIL: Traders short Crude Oil from 105, move stops to 104.65 to lock some profit. Profit targets are 100.60 and 96.75, so exit at least 1/2 at 100.70 and trail stops down to the 96.75 price area.
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