Market Review – 08/09/2011 21:55 GMT Euro tumbles on Trichet and Bernanke’s comments The single currency continued its recent steep descent and tumbled on Thursday against all major currencies as ECB President Jean-Claude Trichet, whose 8-year term...
The US Dollar stepped back against the background of an increase in the stock
The sharp decline from August resulting in a quick break below parity has yet to be confirmed. For the time being, the pair continues to be well bid.
The pair has confirmed a possible long term reversal with a bounce on top of the key 0,97 level but it is still facing the strong parity resistance.
The break back above 0,8250 has validated a bullish reversal (cup&handle) which confirm a bullish outlook.
The pair continues to trade flat above its historical low (76,00) and we now wait for the market to start a meaningful move.
The pair is also under an intense downside pressure after a break below another key level at 1,60.
The pair remains under pressure ahead of the important ECB rate decision (11:45 GMT) and M. Trichet statement (12:30 GMT).
The USD/CAD pair fell on Wednesday, after failing to close above the 0.99 level the day before. The oil markets are starting to come back into play as the storms in the Atlantic could have an adverse...
The AUD/USD pair rose on Wednesday, and even broke above the gap formed at the beginning of the week. The 1.05 level has held as massive support, and as such – we like buying on dips or...
