With good risk sentiment over the past week, EURUSD topped out at 1.2985 overnight where good profit taking pressure saw it
promptly through the 1.2950 short term support line (red). Early flow from Europe this morning remains pointed to the … Read more
Decent data IFO and consumer confidence data from Germany, brighter confidence indicators from the UK too, a better than expected bond auction in Spain have led risk into positive territory today with most equity markets having made significant progress so … Read more
AUDUSD has been in a continous downtrend since late October. Yesterday it broke through the bottom of the downtrend channel at 0.9800, opening up the sub 0.9400 target, the early October lows. Given the overall risk environment and equity markets … Read more
Decent move on EURUSD today with all the sovereign debt issues and Italian rates that are breaking new highs. Looking at the 4hr EURUSD chart we are set to break below the recent bear channel at 1.3595 and are also … Read more
GBP/USD:
We’re taking another look at cable this morning. The bullish risk conditions after last week’s EU summit helped cable continue higher towards its 200 day moving average at 1.6240, which is also the 61.8% retracement level of the down … Read more
GBP/USD:
Ahead of the EU summit, anything regarding technical trading is anything but easy; but for anyone with a negative bias on risk and an EU solution (or no solution) that could yet be even more disappointing than the market … Read more
USD/CAD:
A short term observation on USD/CAD which has been in a narrow 1.01/1.0260 range channel over the last few days. This morning’s brief risk rally on the back of the EFSF proposal is pushing the pair towards the lower … Read more
AUD/USD: On a more medium term basis, looking at the daily chart in AUD/USD, the price tested and failed against this summer’s trend resistance (the top orange line) for the third time at 103.60 yesterday, while at the same … Read more
EUR/JPY: Has broken the 106.50 support uptrend of the last 10 days, heading ultimately for the 50% retracement level at 104.20. Momentum indicators have turned negative and short term flows out of EUR also support the price action.
