GBP/USD rose during the session as the “risk on” trade came back into play. The trading community reached for anything risk related, and this had a lot of the higher beta pairs gaining, this one included.
The AUD/USD pair absolutely exploded during the Friday session as the word got out that the European Union came up with a possible workaround for the Spanish and Italian bond markets.
The USD/CAD pair fell hard during the Friday session as the oil markets absolutely spiked in reaction to the European Union meeting and its announcement.
USDCAD is facing 1.0159 support, a breakdown below this level will indicate that the downtrend from 1.0445 has resumed, then further decline towards 1.0000 could be seen. Key resistance is at 1.0445, only break above these levels...
USDCHF stays in a trading range between 0.9421 and 0.9769. Support is at 0.9421, as long as this level holds, the price action in the range is treated as consolidation of the uptrend from 0.8931, another rise...
USDJPY is now in uptrend from 77.66. Further rise would likely be seen next week and next target would be at 82.00 area. Support is at 79.00, only break below this level could indicate that the rise...
AUDUSD break above 1.0223 resistance, suggesting that the uptrend from 0.9581 has resumed. Further rise could be expected next week and next target would be at 1.0500 area. Support is at 0.9965, only break below this level...
GBPUSD is facing 1.5776 resistance, as long as this level holds, the rise from 1.5268 could be treated as correction of the downtrend from 1.6301, another fall towards 1.5000 is still possible. However, a break above 1.5776...
EURUSD is facing 1.2747 resistance, a break above this level will indicate that the downward movement from 1.3486 has completed at 1.2288 already, then the following upward movement could bring price to 1.3200 area. However, as long...
Years ago, when working as a grain analyst for Merrill Lynch in Chicago, we had a meat analyst whose trading recommendations were almost always wrong.
