Moving Averages After Major Price Action
Posted: Mon May 10, 2010 2:36 pm
AUDUSD:
Commodities, and in particular Oil, has sold off. The Aussie, takings its place amongst the commodity linked currencies has also dropped drastically during this global market sell off. It went from finding near term Support above the 50 day Moving Average (in green) to crashing straight through major Support at the 200 day moving average. The next major level of AUD Support sits at .8650.
USDCAD:
The Canadian Dollar which only a week ago was flirting with Dollar parity struck 1.07 before retracing half its loss. Price action last week forced the CAD to close above the 50 day and 100 day Moving Average. However, CAD resilience hung tough as the CAD refused to break major Support with a close above the 200 day MA. Friday, the CAD actually bounced off the 200 MA and touched the 100 MA before retracing nearly half's its gain.
GOLD:
This has been a great Bull run for the precious metal. It highlights the moving average cross of the 50 MA back over the 100 MA. Gold has just accelerated beyond the 2 prior highs. The next major point of Resistance will be Gold's all time closing high near 1,218.
bforex is a world leading foreign exchange broker established on an entrepreneurial vision to provide FX traders with simple and intuitive interaction with the Forex market. We are highly valued by our customers due to our expertise in providing traders with unrivalled execution speed, 24 hour assistance, tight spreads, superior exchange rates, commission free trading and a cutting-edge trading platform.
Commodities, and in particular Oil, has sold off. The Aussie, takings its place amongst the commodity linked currencies has also dropped drastically during this global market sell off. It went from finding near term Support above the 50 day Moving Average (in green) to crashing straight through major Support at the 200 day moving average. The next major level of AUD Support sits at .8650.
USDCAD:
The Canadian Dollar which only a week ago was flirting with Dollar parity struck 1.07 before retracing half its loss. Price action last week forced the CAD to close above the 50 day and 100 day Moving Average. However, CAD resilience hung tough as the CAD refused to break major Support with a close above the 200 day MA. Friday, the CAD actually bounced off the 200 MA and touched the 100 MA before retracing nearly half's its gain.
GOLD:
This has been a great Bull run for the precious metal. It highlights the moving average cross of the 50 MA back over the 100 MA. Gold has just accelerated beyond the 2 prior highs. The next major point of Resistance will be Gold's all time closing high near 1,218.
bforex is a world leading foreign exchange broker established on an entrepreneurial vision to provide FX traders with simple and intuitive interaction with the Forex market. We are highly valued by our customers due to our expertise in providing traders with unrivalled execution speed, 24 hour assistance, tight spreads, superior exchange rates, commission free trading and a cutting-edge trading platform.
Should I just sent them my bank account and credit card numbers?