FOREX

AUD continued to push higher early until it ran into resistance towards 1.0900. Helped along by a major commodity sell-off it was quickly down through support and 200 points lower. From here traders are keeping a keen eye on commodities and sentiment is sell any rally back towards 1.0800 looking for a re-test of the lows around 1.0550/1.0600 in the coming days

The Australian Dollar sold off overnight and opens US 1.5 cents weaker this morning after signs and rhetoric of economic slowdown in the United States and China pushed commodities lower overnight. It’s game on!

It is time to familiarize yourself with the currencies traded in this financial market. You will learn that in forex, there are major currencies as well as minor currencies. In this article, we will discuss what are the so-called major currencies in forex trading.

Gold and silver prices rose for the third consecutive session, boosted by fighting in Libya, uncertainty about debt-laden Greece and the rising cost of oil and grain. Last night’s 2011/12 Federal Budget was a reasonably predictable one from the Government with Treasurer Swan selling it as tough.

AUD continues on it’s march back towards the previous highs and the break of 1.0800 provided more bullish signals. We have Chinese data out today strong results could give the impetus to break through 1.0900 although initial resistance is expected to be around at that level. Any dip back towards 1.0800 is also expected to see the buyers emerge

A lean, but not mean budget? Perhaps. Not tough in the usual sense, cautious, with the underlying economic outlook more of the same? Certainly.

Oil again proved extremely volatile with plenty of opportunity to trade both sides. 100.00 is now seen by traders as an important level and they are happy buying so long as this level holds, but a break of there could see it quickly down to the previous lows of 95.50. Sellers rumoured to be around above 104.00 through to 106.00 in the short term.

These charts could seem like the perfect set up for USD upside. It was about a month ago (week ending Mar 18) that USD net shorts bottomed at a 3 year low. Six weeks later, USDX hit a 3-year low thanks partly to a 500-pip decline in EURUSD. We've already argued the case against any considerable USD rebound on here.

Your emotions often affects the way you trade. Here is a brief article on how you can make your emotions more manageable.

The Australian Dollar has opened up this morning slightly above 1.0700 after another day of volatile trading on Friday when the AUD bounced to a high of 1.0800 after better than expected jobs data in the US for April was released.

AUD found support on the dip during Asia on Friday and it was only the better than expected jobs data which saw it back off from the highs. Traders still seem content to be long AUD and buying on the dip with 1.0650 now the important level being watched and a break through there could be bearish in the short term. 1.0550/1.0600 expected to provide further support.

Friday brought the release of the Reserve Bank of Australia's monetary policy statement and a hawkish tone sent the Aussie rallying, finally topping out at 1.0800 before the markets closed.

This headline-charged first week of May has been dominated by the announced death of Osama Bin Laden, a historic 5-cent retreat in the euro and the greatest weekly decline in silver. But the week could have witnessed a positive transition (another one) in favour of precious metals. Here is why;

It was recently learned that the Bank of Mexico earlier this year bought nearly 100 tons of gold, equivalent to around $4.6 billion at the current per ounce price.

In local trade yesterday we saw the release of Australian Retail sales with the subsequent poor result surprising the market. Despite economists forecasting a rise in sales of 0.5% for the month of March the actual figure came in negative 0.5 per cent, giving way to a significant sell off in the Aussie Dollar.

AUD continued lower as commodities were sold aggressively and risk currencies went out of favour. Even though we initially broke through there, the previous support around 1.0600 has provided some sort of support and traders are now cautiously looking to re-initiate longs thinking that this was the clean-out needed to start the march higher again.

The AUD was already trading lower after yesterday’s release of some weaker than expected retail sales data for March. The Australian Bureau of Statistics showed retail spending had decreased 0.5% in March, which was much worse than economists’ forecasts of a gain of 0.5%. The AUD dipped to USD1.0706 from USD1.0764 prior to the data release. Further unwinding of global risk appetite and another massive sell-off in commodities saw the AUD fall further offshore, getting closer to USD1.0500 level.

The AUD took an initial hit yesterday when reports began to emerge that high profile investor George Soros was a seller of gold. The price of silver has also fallen dramatically over the last few days, losing 19% of its value since Friday of last week.

The Aussie made an early attempt to push higher overnight before the bears regained control and pushed the AUD down by more than 100 pips. The selldown we have seen this week could be nearing its conclusion, however, with traders looking for a bounce near 1.0680/700. If the bounce does occur, traders will be looking to take profits sooner rather than later

The Australian dollar (currency code AUD)is divided into 100 cents and has been the currency of the Commonwealth of Australia since 14 February 1966.

The Australian Dollar has opened slightly weaker this morning at USD 1.0840 after seeing some profit taking by investors yesterday.

With the RBA sitting on the sidelines for the moment, the break through 1.0890 provided the bearish signal that trader’s have been waiting for and for the first time on months a sell the rally sentiment has entered the market (at least in the short term) as traders are now seeing solid selling of AUD across not only USD, but EUR and JPY keeping AUD heavy.

Traders are eagerly awaiting the RBA announcement at 2.30 this afternoon after playing the range from the long side proved successful overnight. Traders seem to be a little less bullish this morning as the failure to go on with it above 1.1000 on the second attempt has caused a bit of confusion. A break through 1.0890 is a quite bearish signal.

There are a number of important rules to follow when you are trading in Forex, or any other market. Every strategy will involve different objectives and methods, but there are some key points to consider such as having specific goals and objectives.

After initially being sold on the back of investment funds rumoured selling around 1.0950 for end of month, AUD was helped by the incredible one way move in commodities and solid support was found under 1.0900. Although there is further selling interest rumoured around 1.1000, traders are content buying the dip and looking for a clean break higher later this week.

Recent upward momentum and weakness in the Greenback propelled the Aussie Dollar to fresh highs yet again during yesterday's Asian session, topping out at 1.0940 before heading into offshore trade holding above the 1.09 handle.

Markets interpreted soft economic data out of the US overnight as the green light to keep interest rates low for an extended period. Fed Chairman Bernanke’s comments on Wednesday night confirmed monetary policy will be accommodative, and the AUD continues to be one of the currencies benefitting from the declining USD.

AUD was initially sold in the European session as the buying interest waned. However, as has been the case for months now on the dip the buyers emerged and we were quickly back up to the highs. Traders now respecting resistance initially around 1.0950 but a break of there could see 1.1000 quickly and traders see this level as a target to aim for.

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