Pop goes the Buck
Just minutes after posting our first daily market update, where we took a quick look at the commodities and the commodity currencies, the commodity Dollars broke through the narrow daily range. We shortly explained why the decline in the commodity prices is not really affecting the commodity Dollars. If you haven´t read the previous forex market update and you wanna know why, go on and read that. It´s a short explanation, but it has a point. We will soon publish a longer article about the commodity market and its relation with forex.
This pop in AUD/USD presents us with a good opportunity to open a sell forex signal
Anyway, the commodity Dollars made a run higher just a while ago. It´s more of a USD bubble pop which occurred in the forex market, but the three musketeers (AUD, NZD and CAD) are taking advantage and making the most of it. The Euro is the only one which is lower against the Buck. There aren´t any news releases from what I can see.
I´ll have a thorough look at a few forex news websites but this looks more like forex market sentiment move. We´re happy to announce that our NZD/USD buy forex signal hit the take profit target. We saw this move as an opportunity to open a sell forex signal in AUD/USD since the stochastic indicator is overbought in the H1 forex chart and a number of moving averages are providing resistance.
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