The Wild Card AUD/USD 1 Sep 2009

Tuesday, 1 Sep 2009

USD Trades Lower on Market Optimism

There were more signs that the U.S. economy was improving, as a string of positive data was released yesterday from the U.S. the most significant was the Chicago PMI, which printed higher-than- expected figures in the month of August. This indicator is a primary gauge of manufacturing sector, acting as the main driver of the U.S. economy. On top of this good news, a rise in demand for U.S. goods from abroad is also likely to help boost the U.S. economy in the coming months.


The Wild Card

AUD/USD


It appears a bearish cross has recently formed on the 4-hour chart's Slow Stochastic, indicating that this pair's recent downward correction may still have some steam. Now would be a great time for forex traders to join this recent run and capture the remaining profits before the rising trend continues.