I don't do swing trade much, this is one of them, I am betting on an inversed head and shoulder patten.
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- Risk Control Master
- I'm a Forex Trader for the past 3 years (starting from 9/2007) and still trying to master it.
The question marks now hanging over fiscal policies overseas have allowed the Usd to gain an average 1% in Tuesday trade, but important to note is the fact that only one of the major pairs was able to break past support 2 or resistance 2 on the daily swing points. That much of a dollar index percentage gain would normally see the majority of pairs testing support or resistance 3 price points. That signals that a near-term reversal of Usd buying may happen ahead of the Asian session.Whether this latest equity move will be as contagious as the its predecessors, or whether the low-volume bulls find a way to once again reverse the reversal is yet to be confirmed. If equities move the S/P index off the current 1165 support, and manage to get anywhere close to 1175 or 1185 in near-term trade, the Usd will very likely be giving back the gains seen against Cad, Aud, Gbp, and will continue its long moves against Jpy, while Eur and Chf remain at the beck and call of sovereign investor sentiment.Forex traders have seen a move unfold on Tuesday that could easily have been replicated on any given day in April, but unlike previous attempts, the perfect storm of headlines, sound-bites price point, and a surge of well timed volume came together on Tuesday to allow the drop to hold. The Japanese markets return from a five day bank holiday weekend tonight, and that should mix up the volatility even further.
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