ForexPros Daily Analysis April 06, 2011


Free webinar on ForexPros - FX Market Outlook for Q2 2011

Expert: Ilian Yotov

Start: Sun, Apr 10, 2011, 10:00 ET
End: Sun, Apr 10, 2011, 11:00 ET
   
FX Market Outlook for Q2 2011

- Review of the trends for the currency majors in Q1 2011
- Should we expect a reversal of the USD fortunes in Q2 2011?
- Will the carry trade remain strong in Q2?
- Is the worst behind for the EUR?

Click here to join free

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Good morning everyone. The market has made pretty strong moves yesterday. So that being said, the blue zones are extremely far away from average market price movement. This is what I'm personally going to do : I'm going to wait for a massive correlating retracement (All the pairs should make a large pullback together). These retracements should be over 25-50 pips. Once this happens, I will be jumping back in the market. Conservative traders stand aside.

Note : It does not look favorable to short the pairs during the retracement (pullback).

Currency Outlook

US Dollar : Strong then Weak

Long : EURUSD, GBPUSD, USDCHF, AUDUSD, NZDUSD, EURJPY
Short : USDCAD

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Forex Trading Analysis written by Navin Prithyani for ForexPros. For more information about technical analysis visit ForexPros.

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