1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Aussie Weekly Close Suggests Higher Markets to Follow

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Jul 11, 2010.

  1. forextrends24

    forextrends24 New Member

    Mar 27, 2009
    Likes Received:
    Today’s sample of Forex Analysis from ForexHound.com

    The Australian Dollar finished the week sharply higher. The Aussie got a boost early in the week when the Reserve Bank of Australia announced that interest rates would remain unchanged this month but that the policymakers will not hesitate to raise rates despite concerns over growth prospects in China.

    The strong close in the Aussie has put the market in a position to rally higher next week. The first upside target will be the old main top at .8858. A move through this level will turn the main trend to up on the daily chart and should trigger an acceleration to the upside.

    The USD CAD was a big loser today. The Canadian Dollar strengthened earlier in the session when the government released a better than expected jobs report for June. This news is a strong sign that the Bank of Canada will raise interest rates a second time in late July. Since the U.S./Canadian has been range bound for several months, traders see this market as one with great opportunity because of the possibility of a breakout move.

    Read full article at ForexHound.com as well more Forex Trading articles including Forex Technical Analysis and Forex Education

    Disclaimer: Trading foreign exchange on the 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 should not invest money that you cannot afford to lose.

Share This Page