Forex Chart - USD CAD Daily Candle 14th April 2009

Forex Chart - USD CAD Daily Candle 14th April 2009

For those of you who followed my trading suggestions last week with short positions I hope you took some pips from the market as indeed I did, and the bearish picture has now been firmly established with the crossing of the 9 and 14 day moving averages which are all now pointing lower, a trend that has been continued in this morning’s London session.   Prices this morning are now approaching the strong support at 1.2124 and if this is penetrated then we should see a fall to retest support at the 1.1784 area, so there should be plenty of opportunity to take pips selling the US dollar short in the next few days, provided the first of these support areas gives way which seems very likely at the moment.  The only proviso is the host of fundamental news items on the economic calendar, all of which are in the US.  These are covered in more detailed in my eurodollar site.   As always look for any short entry position in the shorter time frame charts, and in particular looking  for shooting stars or other bearish signals such as bearish engulfing candles.

You can keep up to date with all the latest fundamental news, latest currency news and live charts by simply following the appropriate links.  I have also included information on an excellent ECN broker.