Quote of the day:“Where all think alike, no one thinks very much.” - Walter Lippmann
Good morning. The dollar recovered some losses as Bernanke backtracked on comments made about further stimulus on Wednesday when he said that QE3 could be an option in near term. Yesterday he told Congress that the Fed is not ready yet for another round of bond-buying program. Metals and a basket of currencies retreated from recent highs: Gold almost reaching the $1600 handle, Silver not closing above 38.50 on daily charts (no breakout yet but a doji candle), EURUSD back below $1.42, eyeing 1.4050-1.4100 at time of writing. Intraday support regions have been pretty weak since the euro fell below 1.4200 and since it is Friday already, I don’t plan any position on EURUSD right now. Will keep an eye on it though, but there are some nicer setups in other pairs at this moment. The US CPI is the most important event in the economic calendar today.
Trading strategy: standing aside
Support: 1.4100/30, 1.4050 and 1.4000
Resistance: 1.4180/00, 1.4250/80, 1.4300 and 1.4480/00
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bearish
Euro Vs Dollar daily chart 7-15-2011
And some setups I find quite interesting. They’re worth watching next week, too
EURGBP
Euro Vs Pound daily chart 7-15-2011
EURCAD
Euro Vs Canadian Dollar daily chart 7-15-2011
AUDJPY
Australian Dollar Vs Japanese Yen daily chart 7-15-2011
Silver
Silver daily chart 7-15-2011
If there are some interesting charts you’re watching or some trade setups you are considering, you can always share by using the comment form below the article.
Thanks for reading, have a great day!
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