New Zealand and Australian data due today
- Australian capex report up later, how to trade it
- Economic data due from New Zealand, Australia today
Orderboards:
AUD/USD
- Sellers 0.7340
- Sellers 0.7290/00, some stops mingled in an above the figure
- Buyers 0.7225 and 0.7200
- Buyers 0.7150 through 0.7170
Currently 0.7259
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NZD/USD
- Sellers 0.6640/50
- Sellers 0.6595/05, stops above 0.6610 and 20
- Buyers 0.6540/50, 0.6500
Currently 0.6582
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I have had a few questions on the orderboard this week.
Specifically, if new to FX how do I simply trade these?
Answer is, you don't. There are plenty of quick, simple answers in FX trading. As well as being quick and simple, they are also wrong.
What the orderboard is ... (and, I have written this before but I like to rehash it from time-to-time):
... these market orderboards convey where there are clusters of orders in the market. There are orders at pretty much every tick in the market (round numbers, despite everyone knowing better, are particularly attractive), there's always (not always, mostly) interest pretty much everywhere, always a bid, an offer, a stop, and so on ... so what you are looking at here is where the clusters are. It isn't complete, it can't be. Anyone who tells you they have the lowdown on every order and interest in the market is bullshitting mistaken in his mind
