Quote of the day: “I believe that banking institutions are more dangerous to our liberties than standing armies.” ~ Thomas Jefferson
Good morning. The euro continued to decline, reaching a session low at $1.3608 before rallying on rumors that Greek referendum will be canceled. Fed’s Bernanke speech and the FOMC rate decision are today’s key events of the economic calendar, so the market will probably stay rather quiet until later today.
EURUSD
current consolidation near support zone after a fast decline suggests that a correction is likely – therefore, keep an eye on 1.3850-1.3900 if EUR recovers, that’s where first resistance is seen
Euro Vs US Dollar Chart 4hrs 11-2-2011
AUDNZD
There aren’t many interesting setups these days, as the whole market is driven by rumors and fear, which makes the technicals irrelevant. Maybe AUDNZD is one of the few charts worth a look, as the ongoing consolidation is probably coming to an end. Upside remains favoured.
Australian Dollar Vs New Zealand Dollar Chart Daily 11-2-2011
AUDCAD
This is another interesting setup, as price did not close under 1.0500 yesterday so we have a long tail candle suggesting that uptrend is intact
Australian Dollar Vs Canadian Dollar Chart Daily 11-2-2011
GBPUSD
Cable was, indeed, lagging behind others yesterday while it was still holding onto gains above 1.600. Selling on the break lower wasn’t a bad idea as the decline accelerated towards 1.59 rather fast. But what now? Well, returning above 1.600 shouldn’t be too difficult but still looks bearish while it holds below 1.6050 – so that is where I’ll look for a new selling opportunity
British Pound Vs US Dollar Chart 4hrs 11-2-2011
hourly zoom:
British Pound Vs US Dollar Chart hourly 11-2-2011
have a great day!
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