12 MARCH 2014 ~ A Quiet Day

It was a disappointingly quiet day. It didn’t warrant any video highlights – not even any “gimmie’s” available from important scheduled data releases, of which there were none.
Was there any news? Sure, and it included immaterial comments from Central Bankers, stirrings from Crimea, trouble in Gaza, and perhaps most unusually, an exploding building in New York (non-terror related).
I have no doubt plenty of market players took positions on the back of some of these news items – but on the Hindsight-Impact scale, I’m calling the lot of them 0/10. When something grips the market, there’s no doubt about it: the price ladders really start to move, the Squawk Box boys & girls start to shout down the microphone, and you can be sure Prop Traders across London are sprinting back to their keyboards.

It seems like a fair opportunity to post my Technical Analysis Chart Of The Day. I like to keep it simple – trending markets, 50% retracements, 200-day Moving Averages – just the obvious stuff.
AUD/USD (6A) caught my eye, and here’s why…

6A is hitting possible resistance at the SMA200

6A is hitting possible resistance at the SMA200

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