Market Review – 06/08/2011 01:09 GMT Euro surges on hopes of expanded ECB bond buying programme The single currency rallied on Friday’s news that the ECB is likely to buy bonds from troubled Italy and Spain to...
We have been a bit surprised by the weakness of the antipodean (Aussie and Kiwi). The Aussie has been under intense pressure, loosing more than 600 pips in a single week.
The pair is in the process of building a nice double bottom formation on the weekly chart which will definitly confirmed with a break above 0,9920 (June high).
The pair continues to establish new record lows week after week and the recent develpments in the US will probably confirm the overall bearish trend.
As often, the effect of the BoJ intervention was short-lived with the pair stalling out ahead of its key 80,00 level.
The pair has probably confirmed the end of a 38% retracement of its recent rally which opens the door to the weekly upper bollinger band (1,6650).
Despite the good US employment data, the pair managed to find some support well above the 1,40 key level.
The USD/JPY pair saw intervention by the Bank of Japan this past week, but quickly gave up a lot of the gains from that action.
The EUR/USD had a fairly wild week as traders sold off, and then bought the Euro as the situation in the EU plays out. The pair does however look a bit like a flag, and as such...
The USD/CAD pair finished the day fairly flat after rising, falling, and generally chopping the market back and forth. The day in the oil markets was very wild as well, and this would certainly have an effect...
