About Currency Cross-Eyed

Currency Cross-Eyed Author

Trading currency crosses opens a whole new side of the currency markets, as different crosses possess different qualities that can suit any style of trading. Some crosses move fast and are extremely volatile with daily ranges that may exceed over 100 pips. While other crosses move relatively slow and exhibit low volatility, which is more suited for novice traders.

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December 2006

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Cross-Eyeing: AUD/JPY

Posted 00:45 14 December 2006 | 3

crosseye chart

I don't currently have a trade idea for Currency Cross-Eyed at the moment, but here is a great looking chart for all of you range players out there. Check out the chart and you can see AUD/JPY at the top of the channel drawn on the daily. Usually, I only go long on pairs that have a positive carry, but with the pair at top of the channel and Stochastics in overbought territory, we may have a great short opportunity on our hands.

I will be looking for the pair to break below the previous day's low at near 91.80, but we will definitely wait for price action to confirm a possible move down. Until then, stay tuned for a trade idea or any other great looking opportunites the market may give us!

Comments (3)

Thanx for your analysis. How about USD/CAD? On daily chart bearish divergence is being formed. On 4h chart stochastics show overbought. What do you think about shorting this pair? Maatej
Maatej | Posted 06:17 14 December 2006
I do like a short in USD/CAD. On the monthly chart it seems to have returned back to the 20 SMA giving it fair value. If the pair breaks below the previous day low, I would go in and target 1.1431 - 50% fib retracement line of it's most recent move - and place my stop near the high of the previous day. Hope this helps Maatej!
pipcrawler | Posted 20:02 14 December 2006
I don't like trading against a very strong trend, especially with strong Australian fundamentals, more rate increases? and a sluggish Japanese economy. Either buy an entry after a recent top or I'd love to carry this trade off a retracement with a limit buy at the uptrend channel, with a stop 50 pips below the bottom uptrend channel. We'll see after the close of business tomorrow with BOJ rate decision. I think the bond markets are favorable to maintain status quo BOJ rates and further AUS strength.
mdetlh | Posted 19:11 18 December 2006

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Forex Blog: Currency Cross-Eyed

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