AUD Opens Lower After Falls In Equity and Commodity Markets
The rallies in the equity markets seem to be taking a break giving more time for long-term investors to pick up a bargain. For traders however this is a time for caution to see which direction the major trends are going to take us.
The Australian dollar opened lower tonight after equity and commodity prices fell quite sharply last week. There’s a bit more caution from traders and since the Australian currency is a “growth currency” it has some positive correlation with commodity prices and equity markets.
AUDUSD moved down to a low of 0.8907 but has since bounced off this primary support level and is now trading at 0.8978. AUDJPY moved down to a low of 79.48 shortly after the open but has bounced back to 80.45 as of 23.27.
quantum-fx version 2 continues to look for trading signals in all of the major currency pairs.
Later today GBP (9:30 am) and USD (4:00 pm) have some major data releases with respect to Manufactiring PMI and Pending Home Sales: expect increased volatility around these times especially if there are any surprises with the numbers.
The rallies in the equity markets seem to be taking a break giving more time for long-term investors to pick up a bargain. For traders however this is a time for caution to see which direction the next major trends are going to take us.
The Australian dollar opened lower tonight after equity and commodity prices fell quite sharply last week. There’s a bit more caution from traders and since the Australian currency is a “growth currency” it has some positive correlation with commodity prices and equity markets.
AUDUSD moved down to a low of 0.8907 but has since bounced off this primary support level and is now trading at 0.8978. AUDJPY moved down to a low of 79.48 shortly after the open but has bounced back to 80.45 as of 23.27 GMT.
quantum-fx version 2 continues to look for trading signals in all of the major currency pairs.
Later today GBP (9:30 am) and USD (4:00 pm) have some major data releases with respect to Manufacturing PMI and Pending Home Sales: expect increased volatility around these times especially if there are any surprises with the numbers.
This entry was posted
on Sunday, November 1st, 2009 at 11:47 pm and is filed under General, Market Outlook.
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Great read, you can always learn something new about forex!