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Currencies: Technical Strategies
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Majors Moving
Fri, Aug 8 2008, 10:14 GMT
by Andrei Pehar
Well, looks like we're in for another fun day today.
Big moves already
at the start of the European session. Oil is dropping slightly, and gold
by quite a bit - so far it looks like things are setting up for a Dow and
Dollar bullish day. Next support for oil should be 116.34, and for gold
at 856.31, meanwhile the Dow has support at 11363 and next resistance at 11702.
The USD/JPY has hit our target of 109.94 earlier today, the USD/CHF at 1.0760,
and the EUR/USD is almost there
- we're looking for 1.5104. The AUD/USD is also in a long-term fall,
which might go as far as 0.8809, 0.8773, or 0.8749. Pull-backs
could go to 1.0683 on the USD/CHF and 1.5141 on the EUR/USD, then we would
look for the Dollar bulls to return.
We have employment data coming out of Canada
at 11:00 GMT today, followed by nonfarm productivity along with labor costs out
of the US
at 12:30 GMT. Wholesale inventories will close out our week for us at
14:00 GMT.
If the US session
follows the European one, and assuming no upset from the news, EUR/USD
could see some extensions to either 1.5082 or 1.5045. Most significant is that the Euro has finally broken out of the 1.53 - 1.59 holding pattern it has been in since Dec. 2007.
Published on Fri, Aug 8 2008, 10:34 GMT
Archive
- An Interesting Chart- The USD/CAD Weekly
Published On Fri, Oct 30 2009, 22:25 GMT - Next Levels to Watch on the EUR/USD
Published On Thu, Sep 24 2009, 01:22 GMT - Key Level to Watch for the Yen
Published On Mon, Mar 16 2009, 20:04 GMT - How Much Further Can the Pound Fall?
Published On Tue, Jan 13 2009, 13:33 GMT - Has the Aussie Found Bottom?
Published On Wed, Oct 22 2008, 20:29 GMT
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