Quote of the day: “The central irony of financial crisis is that while it is caused by too much confidence, too much borrowing and lending and too much spending, it can only be resolved with more confidence, more borrowing and lending, and more spending.” ~ Lawrence Summers
Good morning. The euro is back below $1.3700 facing more downside pressure as Germany and France give Greece ultimatum on euro, saying that it would not receive another aid package until it decides whether it remains in the euro-zone. The most important events today are the ECB Rate Decision and the G20 Cannes Summit.
EURUSD
Trading lower ahead of ECB rate decision, more greek drama. Resistance near 1.3850 mentioned yesterday held, so the short-term sentiment remains bearish. 1.3500/50 is where next support levels is seen
Euro Vs US Dollar Chart 4hrs 11-3-2011
GBPUSD
Yesterday’s rally to 1.6040/50 was corrective, therefore selling the rally -as noted yesterday – was a good plan. I don’t think that a change in sentiment is due, so looking for more selling opportunities on rallies towards 1.5970/00 might be a good bet.
British Pound Vs US Dollar Chart Hourly 11-3-2011
AUDCAD
It was a bad idea to expect more gains after yesterday’s recovery above 1.0500 / long tail formation. 1.0500 is now providing resistance, so it’s probably best to look for selling opportunities on potential pullback towards said upside barrier.
Australian Dollar Vs Canadial Dollar Chart Daily 11-3-2011
AUDNZD
there’s a big warning sign here regarding the potential break above recent consolidation range. Price is pulling back fast as the Aussie dollar is losing ground across the board. Bulls better stand by.
Australian Dollar Vs New Zealand Dollar Chart Daily 11-3-2011
USDCAD
Resistance formed by recent top zone is being tested, yesterday’s decline towards 1.0100 was corrective, so we can look for a break higher in the next trading sessions.
US Dollar Vs Canadian Dollar Chart 4hrs 11-3-2011
have a great day!
