Tuesday, May 23, 2006

Daily Commentary

2 comments:

PreHistoric Bird said...

Mike, why do u trade audusd pair ? dont they have a bigger spread. i have been watching them and nzusd. i am new to forex. so i think i will learn quite a bit from you. bookmarked your blog. will keep following u.

Mack Dodgey said...

That is indeed correct generally this pair tend to have a larger spread then the EUR/USD pair. I like the Aussie(AUD/USD) currency pair as it is heavily influenced by commodity prices. Also I live in Australia and I am pretty up to date with the economic situation of the country. It allows me to see what direction the currency is likely to go and I believe that gives me an edge when the London markets open. I too have been watching the NZD however the economic outlook and the recent budget that has been released has me staying out of the NZD for the moment. There will definitely be a lot more content in the coming weeks. I would also advise you to have a look at http://www.babypis.com. This is a truly excellent resource for the budding forex trader another good resource is http://forexfactory.com. This is a community-based forum which provides excellent help and support for traders. It allows people to come together and share ideas and beliefs it is great. I would like to wish you luck in you journey into the world of Forex. If you have any questions or need any advice don’t hesitate to ask

Happy Trading