Forexpros Daily Analysis - 06/04/2011

ForexPros Daily Analysis April 06, 2011


Good morning everyone. The market has made pretty strong moves yesterday. So that being said, the blue zones are extremely far away from average market price movement. This is what I'm personally going to do : I'm going to wait for a massive correlating retracement (All the pairs should make a large pullback together). These retracements should be over 25-50 pips. Once this happens, I will be jumping back in the market. Conservative traders stand aside.

Note : It does not look favorable to short the pairs during the retracement (pullback).

Currency Outlook

US Dollar : Strong then Weak

Long : EURUSD, GBPUSD, USDCHF, AUDUSD, NZDUSD, EURJPY
Short : USDCAD

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Forex Trading analysis written by Navin Prithyani for Forexpros.

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