Notes on this morning’s forex...
AUD/NZD continues to fall, slowly, following a bearish divergence on the relative strength index. A bearish RSI divergence means the index, while above 70, began to fall as the price rose.
The developing PLN/HUF bearish RSI divergence is close to being invalidated as the RSI rises to its prior high.
Channels of interest:
GBP/CZK has broken beyond its downtrending channel from Nov. 2 and begun a counter-trend move. The pair is now in an uptrend in a channel established from Oct. 28. GBP/CZK has touched its 20-day high, at Kč29.48
All the other trending pairs have moved sideways, some breaking beyond their trend channel. But none moved in a way that would negate the trend.
Uptrending,
- EUR/USD, from Oct. 4.
- GBP/AUD, GBP/CZK from Oct. 28.
- USD/SGD, from Oct. 31.
Downtrending,
- NZD/USD, AUD/CAD, AUD/HKD, AUD/THB, NZD/THB from Oct. 28.
- NZD/JPY, GBP/THB from Oct. 31
- AUD/PLN, AUD/ZAR, CAD/PLN, GBP/ZAR, NZD/HUF from Nov. 1.
For the daily charts, I track approximately 120 currency pairs.
Channels of interest: By "of interest", I mean a relatively new trend that has room to move before meeting major resistance, especially if it’s a decisive bounce off of a 20-day high or low. Plus, it has to look right to me. This is not science. Also, channels of interest aren’t necessarily positions I would play without some sort of corroborating momentum evidence.
About my trading methods
Read a detailed explanation of my analysis method, including trading rules.
Disclaimer
Tim Bovee, Private Trader tracks the analysis and trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.
No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decision decisions for his or her own account, and take responsibility for the consequences.
The trader’s greatest sin is inaction. Sleeper, awake! Seize the Nietzchean moment. Roll out of bed and trade.
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