Early this morning news out of the Euro Zone sent the EUR
USD higher.Euro Zone GDP was better
than expected buoyed by surprise increases from Germany
and France.This news spilled over to the other
currencies as appetite for risk returned to the market.The U.S. Dollar was weak versus all major
Technically the Euro could still attract selling
pressure.The current two-day rally has
not taken out any significant tops to signal strong buying.The charts indicate that this market has
completed a technical retracement.A
lower close tomorrow will indicate that last weekâ€™s closing price reversal top
is currently carrying more weight than the surprise news from the Euro Zone
this morning.Based on the main range of
1.4447 to 1.4086, this pair found fresh selling at the .618 price at .14309.
A similar situation is developing in the GBP USD.Last weekâ€™s surprise announcement by the Bank
of England to expand its quantitative easing program remains the key reason why
the British Pound should continue to feel downside pressure.
Technically the GBP USD fell short of completing a 50%
retracement of the break from last weekâ€™s top.Sellers did come in early but it is going to take a follow-through break
tomorrow to send this pair on a path to lower prices.If buyers are still present then they may
drive this market to 1.6716 before the selling starts.Either way you look at it this current
two-day rally looks more like short-covering rather than new buying.
The USD CAD gave back more of its gains from earlier in the
week because of the renewed strength in the U.S. equity and crude oil
markets.This market found support at a
.618 retracement level at 1.0800 and close over a 50% retracement level at
1.0853. These are both strong
indications that buyers stepped in following the two-day break.A follow-through to the upside on Friday will
be a strong signal that a major bottom was reached last week.
The strong rally in the U.S. equity markets helped increase
demand for the higher yielding AUD USD and NZD USD.Although both of these markets rallied, they
still failed to take out their respective highs for the year at .8470 and
Tomorrow will be a key day for both of these currency
pairs.If todayâ€™s churning in the equity
markets following an initial surge to the upside is any indication then
weakness in the stock market is likely to trigger the start of a break in the
Australian and New Zealand Dollars.
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