Quote of the day:“Doubt whom you will, but never yourself.” ~ Christine Bovee
Good morning. The euro changed course and declined after reaching a daily high at $1.3910 yesterday, but remains slightly bullish on short-term basis as recent recovery was quite strong. The German Zew and Bernanke’s speech later today are the most important events of the FX Calendar
EURUSD
As seen below – the pair is still above support formed around 1.3700 where it bounced last week, but it feels quite heavy so it seems a good idea to consider bearish opportunities while it holds below 1.3830/50 – either selling on a minor rally to 1.38 or on a break below 1.37
Euro vs US Dollar Chart 4hrs 10-18-2011
Euro COT
According to latest COT data, there’s not a big change in short contracts yet, despite current recovery to 1.39
Euro COT 10-18-2011
AUDJPY
AUDJPY – the main risk barometer is following the EUR right now on more euro-zone worries. Next support zone is around 76.50
Australian Dollar Vs Japanese Yen Chart Daily 10-18-2011
USDCAD
As the recovery continues – it’s probably best to look for a buying opportunity on the break above 1.0260
US Dollar Vs Canadian Dollar Chart Daily 10-18-2011
EURCAD
Not one of the best looking setups these days, but it’s definitely worth watching. As seen below, resistance around 1.41 is still intact and one would say that selling around this level is the best thing to do…
Euro Vs Canadian Dollar Chart 4hrs 10-18-2011
but if you take a look at the daily chart, you notice that yesterday’s candle is suggesting a trend continuation as price found decent bids near 1.39 and the correction was short-lived. Given current strength of resistance near 1.41, I’d say that there are tons of stops loss orders above – so a potential rally should be easily fuelled by short-covering. In conclusion – buying on the break of 1.4070/1.41 seems a good idea
Euro Vs Canadian Dollar Chart Daily 10-18-2011
Have a great day and good luck trading!
The Aud / Nzd looks a nice opportunity for a Long above 1.2870. What are your views?? :)
I hope so, LOL
I am long AUDNZD since last week, entered the trade at 1.2850
Also been long AUDJPY since last week and it's been a loser (closed it today)
Thanks. Just got in @ 1.2870, sl 1.2700. tp Open ;)
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