Thursday February 17, 2005 - 19:57:33 GMT
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Forex: Dollar gets hammered
The dollar got hammered against its European and commodity based counterparts as some key technical levels came very close to being penetrated. EUR/USD rose from 1.3017 to 1.3087 just 35 points from the key 1.3120 while AUD/USD steamrolled up from .7835 to .7895 just 5 pips from the key .7900. In addition, GBP/USD came all the way back from 1.8875 to 1.8960 and USD/CAD knifed from 1.2365 to 1.2275. Overall, not much has changed from yesterday’s news events but it appears as if the failure to break back under the 1.2920 in EUR/USD and .7740 in AUD/USD has caused this latest USD sell off. So in essence, today’s /yesterday afternoon’s moves have been predominantly driven by technical accounts. If the market fails to take out 1.3120 and .7900, we look for the USD to recover fast.
We see important resistance at 1.3120. Currently, the psychological 1.3100 is capping with 1.3010 and 1.2960 providing solid support. 1.2920 remains the real key to the medium term direction of the EUR/USD
GAIN AN EDGE
We sell EUR/USD at 1.3110-20 with a 1.3150 stop and 1.2975 limit.
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