I am looking for new trades as I am not in any at the current moment. The EURUSD, GBPUSD are in a a range-bound pattern on the 4 hour chart so I don't know when the market will return to a trending market.
I looked at the USDX (USD index) to see what is going on and here is the chart to the right. The USDX hit a low just above $74 and bounced above the 50 day MA. The possibility of the pair retracing to a level of support is most likely. If that doesn't hold, I suspect the 50 day MA will act as secondary support.
As of early trading on Sunday, the USD is getting hammered so this coincides with the possible retracement with the USD.
So my plan for the week is to watch the USDX and see what it will do.
Sunday, January 10, 2010
OUTLOOK FOR 01/11/2010
I am looking for new trades as I am not in any at the current moment. The EURUSD, GBPUSD are in a a range-bound pattern on the 4 hour chart so I don't know when the market will return to a trending market.
I looked at the USDX (USD index) to see what is going on and here is the chart to the right. The USDX hit a low just above $74 and bounced above the 50 day MA. The possibility of the pair retracing to a level of support is most likely. If that doesn't hold, I suspect the 50 day MA will act as secondary support.
As of early trading on Sunday, the USD is getting hammered so this coincides with the possible retracement with the USD.
So my plan for the week is to watch the USDX and see what it will do.
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