Check out this week's Pairs in Focus- trading forextrading
has fallen rather hard during the trading week, as we are now approaching the 1.05 level. This is an area that of course is a large, round, psychologically significant figure, and where we had seen the bottom of a hammer from a couple of months ago.
Ultimately, we are going to have to pay close attention to the 1.05 level, and if we break down below there, then it’s likely that we go to the parity level. I believe that we are in the midst of a pretty big setup for a longer-term trade. Rallies at this point in time continue to be looked at with suspicion.initially tried to rally during the course of the trading week, breaking to the upside and it looks like we tested the 50-Week EMA before dumping. The 1.1850 level underneath is significant support, where we formed a hammer a couple of weeks ago. If we were to break down below there, then it’s likely the British pound could go down to the 1.
For some of the other ones, I’d be fine with just buying dollars here and writing through the volatility, but the Canadian dollar is a different beast altogether.NZD/USD has fallen again during the week, breaking below the 0.62 level. It now looks as if the Kiwi dollar is going to continue to go much lower, perhaps trying to target the 0.60 level. Underneath there, things get extraordinarily ugly and will probably come down to the 0.58 level. It’s worth noting that the Kiwi dollar is highly sensitive to risk appetite, and as risk appetite continues to get eviscerated, this could be one to watch.
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