This past week there was a news release from New Zealand, stating that the cash rate will remain the same for the next quarter. What was also mentioned was instability in the Euro and Australian Dollar. Fundamentally, this gives us a bearish consensus.
But I don't use fundamental analysis, it's just a good reference for me to understand the influence on the currency,
Instead, in my algorithm we've been shorting since the open of the long bearish candle. This was due to the crossover, trend indicator, and volume.
My view is that many retail traders have been buying into the weakness, which has sorted out a position favorable enough for another Sell Order.
The Australian cash rate is also next week, and if considering the hole that the Global debt crisis has made, we should be retouching the 72.3 price region.
But I don't use fundamental analysis, it's just a good reference for me to understand the influence on the currency,
Instead, in my algorithm we've been shorting since the open of the long bearish candle. This was due to the crossover, trend indicator, and volume.
My view is that many retail traders have been buying into the weakness, which has sorted out a position favorable enough for another Sell Order.
The Australian cash rate is also next week, and if considering the hole that the Global debt crisis has made, we should be retouching the 72.3 price region.