In these days, a man who says a thing cannot be done is quite apt to be interrupted by some idiot doing it. ~ Elbert Hubbard
Good morning. The euro continues decline, being set for the biggest weekly loss this year, while the dollar is testing fresh highs – after a minor correction from 81.70 to 81.
USD Index
Dollar Index Daily 5-25-2012
S&P500
Psychological barrier at 1300 remains intact and seems rather strong so far, hence I believe that a correction towards 1340 is likely
SPX Chart Daily 5-25-2012
EURUSD
New resistance is now formed at 1.2600/25 as seen below.
EURUSD Chart Daily 5-25-2012
EURUSD Chart 4hrs 5-25-2012
USDCHF
Support formed between .9520 and .9550 is being tested as USD pulls back after reaching a fresh multi-month top. I am bullish on USDCHF, expecting buyers to remain in control
USDCHF Chart Daily 5-25-2012
Silver
Perhaps it is time for a correction after such a strong decline. Last two recoveries at 27 suggest that a temporary bottom is being formed. Anyway, buying it is probably a good idea only on a break above 28.80/00
Silver Chart Daily 5-25-2012
EURAUD
More downside is in the cards after the 2 failed tests of 1.300. Important support is at 1.2780/00 – not too far from here
EURAUD Chart 4hrs 5-25-2012
AUDNZD
Support around 1.2900/15 is being tested as AUD turns slightly bearish. 1.2850 should be next support to keep an eye on if 1.29 breaks
AUDNZD Chart 4hrs 5-25-2012
GBPUSD
It’s been a strong sell-off and it doesn’t seem there are many cable buyers around 1.5650. Recent upside pullback, from 1.5730 to 1.5830 was rather weak, not fulfilling my plan to buy on potential break of 1.5840/50.
GBPUSD Chart Daily 5-25-2012
have a great weekend
After the Euro-positive poll in Greece, do you think the single currency will keep on falling?
yes, I think there's more downside for EUR