Currencies | Jun 01 2011
FNArena has added another video to its Investors Education section on the website. This time, ATW founder and trader Jerry Simmons takes a closer, technical look at various currency crosses. Below are a few bullet points taken from the presentation.
EURUSD – Something to watch for would be a rally up to 1.406-1.410 which could mark a wave 4 pullback. The greatest degree of confluence is coming from the DPTL levels. The 2 DPTLs under the market are strategic.
DXY Daily – In line with earlier comments, if the USD Index would provide a breakout above 75.65-76.15 this would be a significant key event. Typically it would move to the next key zone 77.40-77.50. Note that it has not taken out the previous high at 76.50. Until taken out the index could be vulnerable to a pull back. Item to watch is a potential bearish wedge. The best confluence resistance zone is in the 76.50-76.70 area. If we do see a pull back, initial zone would be in 75.50-75.70 and 74.80-75.60.
AUDUSD – A key item is we have a weekly RBO that occurred three weeks ago. We note a HPPD pattern with a double doji. The cross is now testing a support zone that has held on two previous occasions in the 1.050 area. If held again the odds this would favor a continuation to the upside. A possible target would be a move down to the 1.04 area to complete a DF1. A confirmed breakout below 1.04 should send it to the next target in the 1.02 area. As long as AUD/USD remains below 1.068-1.073, there is a short term bearish bias. A RBO above 1.073 would revers the short term bias to bullish. Also a possible bearish wedge on the monthly chart.
Gold – There is massive very key support in the 1410-1420 area and 1525-1530 stands out for resistance. As loang as gold remains above 1500, the short term outlook retains a distinctive bullish bias. The next level down is the 1485 area, a breakout below could accelerate the move. The 1445-1460 area also holds support.
Crude Oil – Crude Oil (WTI) has been in a broad trading range for the last 8 weeks from 96.50- 101.0. There is plenty of room for the market to break out which has the potential for a quick and violent move. The recent low at 95.0 is critical, the next level down would be 92.50-93.0 then 90.0-90.5, then 87.5 which is critical strategic support.
To view the ATW Strategic Prep Video click HERE or visit the FNArena Investors Education section of the website.
Here's the direct link: https://www.fnarena.com/index2.cfm?type=dsp_front_videos&vid=38
All views expressed are Jerry Simmons's, not FNArena's (see our disclaimer).
Jerry Simmons has over 25 years of full-time trading experience. He is the senior partner and head mentor for the “Masters” Programme within the education system at New York based Advanced Trading Workshop (ATW). ATW recently set up shop in Australia through the establishment of ATW Australia (since mid-2010).
FNArena is pleased to have Jerry Simmons as a highly valued contributor to its service which aims at both educating investors and assisting them with their own market analyses.
The above mentioned videos can be accessed via the FNArena Investor Education section at https://www.fnarena.com/index2.cfm?type=dsp_front_videos)
About ATW Australia
Founded in June 2010, ATW Australia is a “one-stop-shop for all a trader needs to succeed”: quality education for new traders, superb advanced trading education, fast unfiltered data, a world-leading trading platform, customer oriented competitive brokerage, quality ‘Made in the USA’ specialized trading computers, trading magazines, and the all-important psychological mentoring and coaching for traders. The trading educational products are provided by the Advanced Trading Workshop, Inc. in New York, all other services are provided by a network of partners that were chosen based on their superior products and services in their specific field of expertise. FNArena is one such partner.
To learn more visit www.advancedtradingworkshop.com.au.
