Quote of the day: “The real problem is not whether machines think but whether men do.” ~ B. F. Skinner
Good morning. Dollar’s correction continues as the euro recovers from fresh multi-month lows, catching a bid against most counterparts. Here are some of today’s charts of interest:
USD Index
As seen in the chart below, bias is still bullish and current decline from 80 is likely corrective.
US Dollar Index Chart Daily 10-7-2011
EURUSD
Resistance around 1.3400 is currently providing intraday support and a test of the falling trendline resistance which is connecting previous lower highs is in the cards. Selling on a failed test of the said resistance is a plan to consider right now.
Euro Vs Dollar Chart 4hrs Chart Daily 10-7-2011
USDCAD
Support around 1.0300 mentioned in my report yesterday is under pressure as the sell-off continues. A potential break of the said barrier would provide yet another bearish confirmation
US Dollar vs Canadian Dollar Chart Daily 10-7-2011
AUDUSD
Aussie’s recovery goes well and there are some more buying opportunities to consider, apart from yesterday’s breakout of .9700. I think that a test of resistance at parity is just around the corner.
Australian Dollar Vs US Dollar Chart Daily 10-7-2011
AUDJPY
Today’s close is likely to provide a decent buying signal (longer term basis), as support formed by the bottom of 2010 holds – so far.
Australian Dollar Vs Japanese Yen Chart Weekly 10-7-2011
Silver
Silver is still fragile but recent established support around 31 is one level to consider if you plan to join the bulls.
Silver Chart Daily 10-7-2011
Have a great weekend!
