Turtle Forex.com 7:00AM Strength Meter

[Turtle Forex]

Good Morning! This is my first post of my Strength Meter here on T2W. Right now on the 3 hour chart we are seeing a very strong AUD(black), NZD(thin green) and CHF(gold) with the USD(red), JPY(purple) and GBP(green) showing weakness. Also the EUR(blue) has been breaking down off its highs made yesterday.

The 15 minute is showing the USD and JPY pulling back off their lows. I will be looking for continued weakness in the USD and JPY and continued strength in the AUD and CHF.

I am also looking for the EUR to break down further as the USD and JPY continue to pull back. I am currently short EUR/AUD and looking for a move to 1.2300.

. Have a great morning and Happy Trading!

 

[Turtle Forex]

Update:

This morning saw mostly lackluster price action across the board with a couple exceptions. The EUR/AUD short went my way a few pips but then reversed and could not recover after weak US housing data. While I am still bullish AUD, I took my 28 pip stop which was just above a small level of resistance from last night. With the way things were moving and the next real level of resistance in the 1.2370-2380 range I felt it was best to honor my original stop and live to fight another day.

I'll have my 15 minute Strength Meter running live on TurtleForex.com when I am not in the Trading Room. Feel free to stop in and take a peek to see how the individual currencies are performing.

Have a great day and Happy Trading!