Time to Trade this Currency Pair
I didn’t find any “WOW” trades today in the currency markets. In my conversations with Rick Wright on Power Trading Radio this afternoon, we talked about the benefits of using Moving Averages as an odds enhancer for trades. I noticed the Aussie coming into a demand zone around the 1.02 level, and also at a crossing point of the 50 & 200 EMA. To further lend weight to the trade is the 38.2% Fibonacci retracement that it all lines up with.
Guess I’ll have to wait and see if we can hit it tomorrow. It does look like a nice, low risk entry point for a long position.