FOREX TRADE ALERT for EUR/AUD

Forex Trade Alert for EUR/AUD

Trade Alert for Thursday Jul 03, 2008.

On Jul-03-2008 a candlestick formation confirmed a sell signal. A sell signal was also confirmed when this currency pair closed below 1.6362 on Jul-03-2008. 4xgenie Action: ==> Sell this pair at 1.6330. Stop at 1.6593. Wave 5 could drop down to 1.6046 or to 1.5752. The market closed below the middle fibonacci fan line. Prices should find support on the bottom fan line. Today’s candlestick appears in the yellow shaded area of the chart. This reflects strong consolidation here! The CCI has crossed below 100. Look for falling prices soon.

Next Day Trading Ranges for Thursday Jul 03, 2008.

The 20 day moving average of the daily trading range is 143 pips and the 60 day moving average of the daily trading range is 151 pips. This shows that volatility has decreased in the short term. The percentage of downdays when the open/high ratio is less than 25% is 47.50 percent. This means that if this currency pair does not rise more than 36 pips from the opening price then there is a 47.50 percent chance that this will be an downday.

Monthly Pivots.

The [R3] or the most extreme high trading range is 1.6691.

The [R2] or the extreme high trading range is 1.6616.

The [R1] or the high trading range is 1.6483.

The [P] or pivot point is 1.6408.

The [S1] or the low trading range is 1.6275.

The [S2] or the extreme low trading range is 1.6200.

The [S3] or the most extreme low trading range is 1.6067.

Next Day Alternate Stops for Thursday Jul 03, 2008.

The red line to the right on your chart is an extreme support or resistence level for the next trading day.

A good alternative stop is one which is placed just beyond this extreme support/resistance level.

In this particular case if the price rises above 1.6616 then that would show momentum against ForexGenie’s short position and that would be a break out to the upside.

Please Note: These support/resistance levels are calculated by using the previous day’s trading range. Normal volatility may cause a breakout of this value once every 4 or 5 days when prices consolidate.

Alternate stop: 1.64

Current Day Trading Session:

New momentum to the downside has just started.

Next Day Trading Session:

If the next day’s close is above 1.6468 then that could be a sign that the current downward momentum is reversing.