Friday September 2, 2005 - 09:32:37 GMT
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Forex Morning Meeting
Good morning everyone from FXstreet.com. Dow Jones Index ended a bit down in yesterday’s session. Crude Oil around $69.50, resilient to even make a slight correction, though it is near the upper band of its current uptrend channel.
Forex Technicals at a glance
The USD has broken down against all and every single one currency. The Euro is almost at 1.26 and pound has breached the 1.84 level momentairily. Certainly disappointing for charticians and technical analysts, who found good technical USD-supportive patterns yesterday, mainly coming from indicators reading. Pure chartists enjoyed a stick and bull triangle formation, which led the majors to a yet another 100 pip rally in early european session. Weak US data along with Katrina’s devastation, is indeed hurting the greenback. There’s a good reasoning behind the current USD downmove, and one wonders why is the FED’s next speech about. It is quite clear that the economy is not going the pace it was expected to, and today’s key NFP can be the catalysator of a renewed wave os USD bearishness. USD supporters may prefer the 1.2650 level on euro (top of the current uptrend channel) to start building long positions, or wait for the 1 hour chart (short term trading) inidcators to turn bearish to initiate long USD positions. As in every strong trend, counter trades may result in a loss or very tiny gains, but they may be worth a try. Trend followers now are enjoying great time with the current move.
Trading Tips: Aud/Cad keeps presenting the bullish view as noted yesterday.
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