Several currencies caught the eye in this morning’s London forex trading session, and in particular the Aussie dollar, the Canadian dollar and finally the euro. The AUD had seen some initial strength following the release of stronger than expected Chinese data, but this rally was relatively short lived during the rest of the day. For the Canadian dollar the strong selling now saw the currency deep in oversold territory and therefore a possible opportunity for a reversal trade in due course.
Finally for the euro, it was all about the economic data with PMI service and manufacturing data for France and more importantly Germany.
As always the place to start is with the currency strength indicator which reveals all these opportunities and much much more.
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