If you really wanna know my view of Aussie now. Generally, I am still positive. But, for trading purposes, I have no position now. I intend to go long at the moment. Just waiting for the entry. Yes, I just can’t get myself to short Aussie dollar now. Without wasting too much time, here is the weekly and daily……….CHART!

[photopress:audusdweekly05jan2008.gif,full,alignleft]

[photopress:audusddaily05jan2008.gif,full,alignleft]

So what happen to Aussie dollar pair now? Let’s have a look. Urgh….a little bit ugly, isn’t it? We have a little small box with rather negative bias at moment. I mean, it is very likely to break out to the down side. uhm….

Here is the …….daily CHART!

[photopress:AUDUSD15Dec2007Daily.JPG,full,alignleft]

And let’s go into 3-hour chart to have a look. Urgh…uglier…LOL….man, the kangaroo is jumping to the wrong side. As mentioned in my comment, I am practicing ‘wait-and-see’ approach for AUD/USD pair at the moment.

Here your favorite…… CHART!

[photopress:AUDUSD15Dec20073hour.JPG,full,alignleft]

Here is another pair that caught my eyes. GBP/USD, a.k.a Cable.  I see a potential short setup appears in daily chart. Momentum is still bearish, and recent swing up might provide a shorting opportunity. Let’s see how it goes. My day job is just too demanding. I am unable to day trade at all. I am now focusing on daily chart for the time being.

Here is the…..CHART!

[photopress:GBPdaily13Dec2007.JPG,full,alignleft]

I am looking at loonies pair. From the daily chart, it forms a pretty nice short setup. A lower high seems to be forming. Btw, this is a Heikin Ashi chart. And recent bullish momentum of USD seems to be flat out. Maybe market is just waiting for the interest rate statement on coming Wednesday?

So what is your take on this? Short? I have a short bias now.

[photopress:USDCAD10Dec2007.JPG,full,alignleft]

I am not trading today. It is NFP day, by the way. I decided to have a quick look at Aussie dollar pair. Though it holds pretty well at 100 day moving average, bullish momentum does not seem to be building up just yet. To my opinion , it is going to be chopping around at the moment, if not breaking down. I am still being patient to wait for my long entry to appear. 🙂

Here is the………… CHART!

[photopress:audusddaily07dec2007.gif,full,alignleft]

I have not been trading currency for the past two weeks. Last week, it was because of my busy day job. While this week, I am just being a chicken. :lol

I am not the only one doing this. Echo to the post by Hector. I am standing away from the currency market for the time being as well. Basically, I am not a news trader. I don’t know how to trade the news, to be exact. So, why gamble? This is probably the busiest week of the month as far as fundamental announcement goes: AUD Interest Rates, CAD Interest Rates, GBP Interest Rates, EUR Interest Rates, NZD Interest Rates, US Non Farm Payrolls, etc.

I call this a chicken-style of trading. Trading will be resumed after the dust is settled.