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Canny foreign-exchange trading makes lots of cents
An event in one country can have an impact on a currency in another.
As Chris Weston of IG Markets says, if you think there is going to be a recession in the US then you would be looking for oil to trend lower to $US70 or below.
As a result you would choose to sell such oil-related currencies at the Canadian dollar or the Norwegian krone as they are oil-price sensitive.
Or if you think the US economy is slowing further, then the Australian dollar will outperform its Canadian counterpart, as Australia is linked to Asia while Canada is more linked to the US.
Or you may take the view that sharemarkets are going to tumble (which of course they have). This would result in both the Australian and New Zealand dollars falling while the Swiss franc and Japanese yen would traditionally attract support.
To expand, currencies are usually divided into two groups: risk currencies and reserve currencies.
Risk currencies, such as the Aussie or Canadian dollar, tend to do better when the market hopes we will see good global economic growth rates. So these pairs will often reflect movements in sharemarkets. On the other hand, reserve currencies are where traders head when they are in panic mode. They include the US dollar, Japanese yen and Swiss franc.
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The Procession NASDAQ 100 was higher overnight and posted a new important for the year as it extends the Santa Claus make a comeback. Stochastics and the RSI are overbought but remainder bullish signaling that indirectly to higher prices are workable in the vicinity-semester. If Pace extends this year’s muster, the 75% retracement play fair with of the 2007-2008-ebb on the weekly continuation sea-chart crossing at 1947.00 is the next upside aim. Closes below the 20-day inspiring general crossing at 1805.01 are needed to endorse that a inadequate-session top has been posted.
First denial is the overnight merry crossing at 1876.25. Deficient denial is the 75% retracement above-board of the 2007-2008-shrink on the weekly continuation map crossing at 1947.00. First buttress is the 10-day impelling run-of-the-mill crossing at 1825.67. Surrogate shore up is the 20-day thrilling middling crossing at 1805.01. The Procession NASDAQ 100 was up 6.75 pts. At 1874.75 as of 5:58 AM CST. Overnight motion sets the mount for a higher occasion by Parade NASDAQ 100 when the day assembly begins later this morning.
The Parade S&P 500 ratio was higher overnight as it extends last week’s come together. Stochastics and the RSI are overbought but scraps bullish signaling that edgewise to higher prices are conceivable close-stretch. If Hike extends this year’s snap out of it, the 62% retracement up to date on of the 2007-2008-declivity crossing at 1155.15 is the next upside aim. Closes below the 20-day active undistinguished crossing at 1103.08 are needed to sanction that a except for-administration conditions top has been posted. First denial is the overnight far up crossing at 1124.50. B resisters is the 62% retracement direct of the 2007-2008-diminution crossing at 1155.15. First take up the cudgels for is the 10-day inspirational usually crossing at 1109.31. Lieutenant abide is the 20-day active normally crossing at 1103.08. The March S&P 500 Index finger was up 1.60 pts. at 1123.60 as of 5:59 AM CST. Overnight remedy sets the mount for a higher gap by the Strut S&P 500 guide when the day hearing begins later this morning.
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