I’ve come to learn that a large majority of you don’t actually “trade” foreign exchange, but do have considerable interest in the subject. We’ve seen here over the past several weeks how tracking correlations in currency markets can be of significant benefit to your equities trading as well.
I’ll plan to start adding the currency ETF’s in more of my analysis and commentary with hopes that perhaps a few of you can still take advantage of in the information provided here – without having set up and actual forex account.
Interestingly – many of the currency ETF’s appear to have unique characteristics of their own , and don’t track ” exactly” as I would normally be used to seeing within my straight up currency trading platform – but we can easily work around that.
For today, I would encourage having a quick look at both “FXC” as well “FXA” being the etf’s for the Canadian Dollar as well the Australian Dollar, looking for reasonable signs of bottoming.
Trading currency etf’s can be a viable option.
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Finally! Looks like the spx is starting to take a few cheap shots. CADJPY starting to look pretty good for the breakdown. I think I’ll add to my positions now. Enjoy the day!
FXA monthly chart is concerning.
Huh…..looks like pretty solid support around 90 area / where we are now, forming a doji yes.
Frankly…as my longer term analysis is “fire and brimstone” in general – I’d look to see AUD bounce here – and come mid Aug/Sept with expected rate cuts – roll on over for the next leg down.
Ouch!
USDCAD looks good for another leg down. Back in the game
Rather ominous daily spy candle. Looks like tits up time for the market.