👀 Copy Legendary Investors' Portfolios in One ClickCopy For Free

Commodity FX See Bullish Break From Multi-Week Ranges

Published 20/04/2016, 05:14
AUD/USD
-
USD/CAD
-
NZD/USD
-
LCO
-

Commodity dollars – CAD, AUD, and NZD – are flexing their muscles against the greenback, tracking Monday's recovery in oil prices. ForexLive's Ryan Littlestone informed Tip TV viewers that commodity currencies like AUD have witnessed bullish breakout from multi-week ranges and traders/investors should not go against the trend.

While having a detailed look at USD/CAD chart, Littlestone noted about the pair gyrating 1.29 levels and cited 1.2670 as a strong level whereby fresh bids could be anticipated.

Trading currencies after a conclusion of Doha like events is usually tricky since there is lot of smoke and technical breakouts turn out to be fakeouts or fake moves that end up trapping traders on the wrong side. USD/CAD gyrating 1.29 was a similar move that Ryan talked about and said trader/investors needs to judge overall markets while picking up juicy levels.

Original post

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.