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FX Levels for Today. May 21, 2009

Thu, May 21 2009, 02:21 GMT
by Abdul Khan

Income Generation Strategies  |  View company's profile


Overview

Hands up anyone who has made any decent money this week!!

This week we've seen the FX market move away from being linked to movements in stocks. We have also seen a move towards selling the USD for various reasons, and seen the re-emergence of the old inverse relationship between Gold and the USD. It wouldnt be such a bad thing for this to continue - trading would become a little easier.

A pullback in the GBP and AUD looks to be on the cards today following another strong session overnight. Similarly, after being sold for most of the week, the USD might find some favour today. Weakness in stocks looks to continue today, and so this could lend some support to the USD also. 

The USD weakness overnight, and firmness in the EUR helped Gold to break above 936, and now 940 as I write. I still think we'll see a pullback, but perhaps not below 900 now.

For those interested, I will be presenting a webinar for FX Street tomorrow at 0500GMT. Hope to see/hear you there.

Data for Today

UK: Retail Sales

US: Weekly Jobless

US: Leading Indicators

US: Philly Fed.

US: Geithner speaks

Trades for Today

GBPCHF: Sell a break below 1.7280

Please email me for details on profit target and stops.


Income Generation Strategies | Level 26, Waterfront Pl. 1 Eagle Street, Brisbane, Qld. 4001
http://www.incomegenerationstrategy.com/ | abdul.khan@tricom.com.au

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