Wednesday December 22, 2004 - 20:22:48 GMT
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USD/CAD screamed higher today as a plethora of stops were triggered on the upside as those short dollars were begging for mercy. The pair started the NY session right above the 1.23 figure, and did not look back as it touched 1.2466 before retreating back down to the 1.24 figure. The move was assisted with the weakness in crude (-3.5%) and gold (-$1.50). AUD/USD, which initially lagged the CAD move, eventually sold off its highs and is now essentially unchanged on the day. Cable once again exhibited some volatile moves in this holiday thin market. The pair traded right at the 1.93 figure in the London session and then began to sell off in a sharp fashion. We saw some key technical levels breached as a low print 1.9096 was seen as NY fired up. We then saw some short covering as it the pair attempted to gather some steam to trade back over 1.92 but failed. EUR/USD has grinded sideways over the course of the last few days. Currently, the 1.3400 figure is resistance on the upside and 1.3350 is providing downside support. USD/JPY has traded in a similar pattern as 103.95 is providing downside support and 104.43-104.50 is upside resistance.
Technically Speaking: EUR/USD is attempting to take out the upside resistance at 1.34 with support seen down below 1.3350. The pair looks poised to make a run at its recent highs.
GAIN an EDGE: We look to get long EUR/USD on a break higher. We will leave a stop entry at 1.3405. If done, we leave a stop at 1.3346 and look to take profit at 1.3520. .
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