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Dave Floyd is a professional FX and stock trader based in Bend, OR and the President of Aspen Trading Group. Dave's approach to FX combines technical and fundamental analysis that results in trades that fall into the swing trading time frame of several hours to several days. For a free trial to Dave Floyd's Daily Forex Alerts click here.
Special Feature – January 16, 2006
Normally on Monday’s we post our 24-Hour FX Price Targets – however, given the holiday here in the US, we decided to post some of our thoughts on some short and long-term trade ideas.
Long-Term Trade Ideas (several weeks in duration)
The chart below is 'busy' in terms of the notations so the bullet points are as follows:
- strong support in the 1.0775 1.0800 level is created by previous support back in Aug-Sep '05 (red dotted line)
- fib support of recent move higher from Dec - Jan, 1.0740
- the break of the 5-month downtrend is also bullish
- from a macro perspective, we still expect AUD to outperform NZD for 2006
- we view this as a longer-term trade (i.e. several weeks). When triggered on the long side, we look for 1.0950 as the first upside target
Short-Term Trade Idea (several hours)
We like GBP/USD as a short as we expect it to rally into the 1.7680-1.7700 level where we would expect more sellers to show up after the decline off Friday's resistance level at 1.7760. A modest move lower towards 1.7640 seems reasonable.
The daily chart below also suggests near-term weakness.
As always, feel free to send me your comments and questions.
Dave Floyd is a professional FX and stock trader based in Bend, OR and the President of Aspen Trading Group. Dave's approach to FX combines technical and fundamental analysis that results in trades that fall into the swing trading time frame of several hours to several days.
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