Quote of the day:“The inability to predict outliers implies the inability to predict the course of history” ~ Nassim Nicholas Taleb
Good morning. The euro enjoys a rebound as a result of world markets starting the week strong after France and Germany pledged to deliver a plan to support the banking sector. Trichet’s speech is the main highlight of the FX Calendar today.
USD Index
Correction is still underway and it seems that it’s not ending yet, therefore recent top around 76 is where to look for next support
USD Index Chart Daily 10-11-2011
EURUSD
There are no signs of weakness yet so it’s best to wait if you’re looking for selling opportunities. On the other hand, recent rally was quite strong so there’s a good chance that support around 1.3550 will hold for now, so either buying dips or on a break above 1.3680/00 could be a good idea
Euro Vs US Dollar Chart 4hrs 10-11-2011
GBPUSD
Yesterday’s plan to buy on strength is still valid as cable holds gains near resistance and it seems that a breakout is likely
British Pound Vs US Dollar Chart Daily 10-11-2011
USDCAD
Correction or not – it still feels heavy as expected and Friday’s pin bar proved to be a false signal for the bulls, as price continues to push lower, now testing interim support – as seen in the 4-hrs chart below
US Dollar Vs Canadian Dollar Chart Daily 10-11-2011
4hrs:
US Dollar Vs Canadian Dollar Chart 4hrs 10-11-2011
AUDUSD
The Aussie dollar setup looks good, too: parity level is currently providing resistance and a potential break should provide yet another opportunity to join the bulls on this recovery run.
Australian Dollar Vs US Dollar Chart Daily 10-11-2011
Have a great day!
