Quote of the day:“What you risk reveals what you value.” ~ Jeanette Winterson
Good morning. Choppy trade is still the main theme as indecisions, rumors, nonsense and random good or bad news rule supreme these days – ahead of the two summits on Europe’s debt crisis. Looking at some of the most important currencies, one might reasonably draw the conclusion that it’s best to wait until next week, when the market conditions will eventually be clearer.
EURUSD
Euro Vs US Dollar Chart Hourly 10-21-2011
The 4-hrs chart doesn’t look any better, either
Euro Vs US Dollar Chart 4hrs 10-21-2011
AUDUSD
Same story as above, as the EURUSD – AUDUSD correlation is 80% to 90% on hourly and daily basis, and there’s no surprise that the EUR is the main driver of risk trade these days.
Australian Dollar Vs US Dollar Chart 4hrs 10-21-2011
AUDNZD
Here’s one of the very few charts you can find today that doesn’t look THAT bad. Yesterday’s fast recovery after testing support at 1.2800 suggests that buyers are still in control and holding long or looking for buying opportunities on the break above 1.2930/50 are probably the best bets right now.
Australian Dollar Vs New Zealand Dollar Chart Daily 10-21-2011
AUDCAD
This is another interesting setup to watch, as support around recent bottom is under pressure. Maybe it’s time for a corrective move lower
Australian Dollar Vs Canadian Dollar Chart 4hrs 10-21-2011
have a great weekend!
