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FX Levels for Today. June 4, 2009

Thu, Jun 4 2009, 04:55 GMT
by Abdul Khan

Income Generation Strategies  |  View company's profile


Overview

Good economic data, and over-bought currencies helped the USD to bounce overnight. The question now is that has the Dollar Index put in a short-term low, or is this bounce just a 2-day respite before the bears takeover again?

With the ECB and BOE meetings tonight im looking for no rate cuts but perhaps some comments about the recent USD weakness. This could see the EUR and GBP come off further later today.

Gold also suffered from profit-taking as traders got edgy as we approached the $1000 mark. Support will be around 960, but this pullback could extend to around 945.

For those interested, I will be presenting webinars for FX Street every Friday at 0500GMT. Hope to see/hear you there.

Data for Today

UK: BOE Meeting

EU: ECB Meeting

US: Weekly Jobless

Trades for Today

EUR: Sell a break below 1.4100

NZD: Sell moves towards 0.6380

Email for details regarding stop-loss and profit targets. You can also now get me on twitter at:

http://twitter.com/forexplus


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

Archive


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- All opinions and materials provided on our website and in our e-communications are provided by appropriately licensed individuals where financial advice may be deemed to have been given. Incomegenerationstrategy.com is an e-portal to our contributors and as such does not provide financial advice in its own right. We will always mark information according to the contributing alliance partner and you are welcome to check the bona fides of any of our contributors directly with their parent companies or at www.asic.gov.au. Incomegenerationstrategy.com is solely focused on developing, arranging and promoting products and events and does not hold a proper authority. This website does not operate under the auspices of an ASIC license and incomegenerationstrategy.com does not provide financial advice at any time. Any communications that may be construed as such are provided solely by our contributors.
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