Turmoil in the U.S. auto industry had currency traders moving into safe haven positions of the Dollar and Yen. Further equity losses also contributed to a lack of confidence in the global economy and lower risk taking.
Today’s US Dollar Trading • USD holds gains after a stop-driven rally to highs• Majors hold key support on the dip, large names buying• Technical traders likely in control ahead of US data
As expected, AUDUSD breaks below previously mentioned key support of 0.6780 and has formed a cycle top at 0.7092 level on daily chart. Further pullback is now in favor and the next target would be at 0.6500...
GBPUSD pulls back to 1.4110 level, suggesting that a cycle top has been formed at 1.4779 on daily chart. Consolidation in a range between 1.3900 and 1.4779 would more likely be seen. However, one more rise is...
Overnight Asia/Europe • USD firms overnight, stops drive a lot of trade• US rejects GM and Chrysler deal, equities fade• Traders continue to trade fear ahead of G-20
USDCAD remains in downtrend from 1.3063. The rebound from 1.2191 is treated as consolidation of the downtrend. Deeper decline is still possible to 1.2000 zone after consolidation. Near term resistance is at 1.2500, above this level will...
USDCHF formed a cycle top at 1.1963 level on daily chart and is now in medium term downtrend. The rebound from 1.1159 is treated as consolidation of the downtrend. Deeper decline is possible to 1.0800 zone in...
As expected, USDJPY formed a cycle bottom at 93.53 level on daily chart. Range trading between 93.53 and 99.67 would more likely be seen in a couple of weeks. However, the price action from 99.67 is treated...
AUDUSD might be forming a cycle top at 0.7092 on daily chart. Key support is located at 0.6780, a clear break below this level will confirm the cycle top and then deeper decline could be seen to...
GBPUSD remains in uptrend from 1.3654. Further rise above 1.4985 to reach the next cycle top on daily chart is possible in a couple of weeks. Key support is located at 1.3654, below this level will indicate...
