Friday, September 16, 2011

Week ended Fri 16th Sept 2011

I made my weekly target early in the week with GBP/AUD. Most of the pairs have either chopped sideways for the week or have chopped sideways for the last few days after the big moves from late last week. The ADX, on many pairs, is drifting back to the base line with all of this sideways choppy movement. Check your charts for the ADX on the E/U, A/U, E/J, A/J, U/J, U/CAD, G/A, G/U and the E/G. This is a good thing though! Many good moves come out of sideways markets. The ADX, being back at the base line, should be an effective alert for when the next major moves start. There are only a couple of red-flag news events out tonight from the US. So, the moves may not evolve until next week. Unscheduled news and speeches out of the Euro-zone is a constant problem of late though. It is difficult trading from a technical perspective when there is so much fundamental impact on the markets by way of news and announcements from the troubled US and Euro-zone.

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