Patience has its limits. Take it too far, and it’s cowardice. ~ George Jackson
Good morning. Death of Kim Jong Il is the hottest topic today and it is influencing the currency market, as the dollar strengthened across the board in the Asian trading session. The euro continues to orbit around 1.300 against the dollar ahead of ECB Draghi’s speech a bit later today and remains vulnerable to more rating downgrades.
Here’s a couple of charts to start the week
USD Index
Uptrend is intact as the buck holds above recent top barrier. More upside is expected
USD Index Chart Daily 12-19-2011
EURUSD
A correction would be more than welcome, so in case you don’t feel comfortable selling at current levels – keep an eye on 1.3050. If it breaks, looks like a good idea to sell later, in the 1.3150-1.3220 range.
Euro VS US Dollar Chart 4hrs 12-19-2011
GBPAUD
Support highlighted in my previous post at 1.5500 is intact after last test, therefore buying dips is a good bet while support holds.
British Pound Vs Australian Dollar Chart 4hrs 12-19-2011
AUDNZD
Here’s an update to the setup posted last week: recent sell-off was quite powerful and support around 1.3050 is under pressure. Selling on weakness seems the best thing to do right now
Australian Dollar Vs New Zealand Dollar Chart Daily 12-19-2011
USDCAD
Given all recent higher highs and higher lows, there’s only one thing I can think of: buying on strength – if 1.0400 eventually breaks
US Dollar Vs Canadian Dollar Chart 4hrs 12-19-2011
Have a great day and good luck trading!
"USDCAD"
Are you looking break and close above 1.0400 on daily or H4 chart ?
4hrs would be just fine.
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