11/11/11

Today being 11/11/11 I have put up some trades based purely on technical analysis.The markets have been very erratic of late and fundamentals are only making it more difficult to trade.I have a buy signal on an indecision candle off the 50% fib level on the AUD/USD pair and a buy signal off the NZD/USD pair as well off the 50% fib level.This in my opinion is will be a minor retrace level from the weeks bearish momentum that begun on Wednesday.

Gbp/Aud is also at the 50% fib level and has formed a bearish hammer after a big candle on Wednesday. The pair is also overbought and my sentiments are for the downside at least a minor retracement before any continuations.

Lastly the Eur/Nzd is at a major resistance level of 1.7515 that has price falling hard every time it has been able to get to it.After yesterdays strong bullish candle, I am seeing the pair move back to the 7278 level that is my first support level if it gets past the 20 day moving average.

These are my thought and sentiments on today's technical analysis.Good luck trading to everyone and please do your own analysis before you enter the markets.