Sunday, June 14, 2009
Is it a good week to Buy USD in Forex?
June 15, 2009. The start of a new week in the Forex market. The USD has been dropping and dropping. But last week, it could not drop any further. Looking at GBPUSD and AUDUSD charts, the price could not beat the last resistance and it dropped. And by looking at the USDCAD chart, the trend looked a bit funny with hammers and hangmans forming, indicating a possible reversal. USDSGD and USDCHF are starting to range too.
Checking the news, more articles were mentioning the USD’s comeback, with improving customer sentiment news and bla bla bla.
So should I trade long and buy USD? I will still wait a few days to see where USD pairs are going, before stepping in. Right now I will be focusing more on other pairs like JPY or GBP or EUR. But I strongly suggest against selling USD although the “general” news still dictates a dropping USD.