Friday, August 26, 2011
Trend for 26th of August 2011
Hello, trend followers, day traders and independent analysts. As you can see eur/cad did not turn down today as I expected but moved higher. I do not know which piece of information caused that, but I still hold to my position that Canadian dollar will strengthen against most other currency pairs. Resistance for eur/cad is still at 1.4340-70. I am waiting for reversal patterns there.
As Mondays are often reversal days, we can see reversal coming on Monday. Today was a pretty volatile day, but as you can see currencies are not moving anywhere. This is often the case in summer months, but be sure that large moves will come back when the fall comes. That’s the best time for market trends. I heard one very experienced technical trader say that most money in the markets is made between November and May.
So, do not open up too much for risky trading now. Better watch what happens, mark support and resistance levels and wait for nice breakouts from these ugly summer ranges. If you are in USA I wish you good luck to survive hurricane Irene and have a nice weekend.
Trading financial markets carries a high level of risk, and may not be suitable for all investors. All information on the blog is of educational nature and cannot be considered as advice, recommendation or signals to trade in any financial markets.