Quote of the day: “For every action there is an equal and opposite government program.” ~ Bob Wells
Good morning. Today is an important day for the euro, as EU leaders are meeting in Brussels to continue negotiations on an agreement to deal with the euro-zone crisis. The euro holds gains around $1.3900, not much changed since yesterday. Well, it’s the market optimism that keeps the market steady these days, so one can expect a large decline if the leaders will eventually fail to announce a concrete plan.
Let’s see what are some of today’s interesting charts:
USD Index
Support at 76 is still intact
US Dollar Index Chart Daily 10-26-2011
EURUSD
The market is rather quiet right now, but the euro maintains gain near 1.400 where key resistance is formed. I think it’s best to wait for the market reaction to news coming from the Brussels Summit.
Euro Vs US Dollar Chart Daily 10-26-2011
AUDUSD
The Aussie dollar pulled back to test support at former resistance line. As mentioned yesterday, it’s probably a good level to look for buying opportunities, but careful. I wouldn’t bet on this support level before any news coming from Europe.
Australian Dollar Vs US Dollar Chart 4hrs 10-26-2011
AUDNZD
Aussie’s pullback is also seen against the NZD, as it erased yesterday’s gains. Support to keep an eye on comes around 1.2950
Australian Dollar Vs New Zealand Dollar Chart Daily 10-26-2011
USDCAD
The US dollar bounced off support at parity as the Canadian Dollar declined after Bank of Canada has cut its economic growth outlook. It’s probably best to keep an eye on this resistance zone which starts a few points above current trading levels
US Dollar Vs Canadian Dollar Chart 4hrs 10-26-2011
EURCAD
Euro is pulling back after a large rally yesterday, which is normal. 1.4050/75 is where to look for intraday support and buying opportunities
Euro Vs Canadian Dollar Chart Daily 10-26-2011
Have a great day!
