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- Gold set fresh record high, dollar falls
- Majors hourly perspective for the US session
- US Durable Goods Orders quite negative
- Best pair to trade now: EUR/USD
- GBP/USD hit by Retail Sales
- Euro down, bullish longer term trend still alive
- EUR/USD holds above 1.4100, bounces back higher
| Gold set fresh record high, dollar falls Posted: 24 Mar 2011 08:05 AM PDT Gold continues its constant bullish long term ride accelerating after US opening, already up almost $ 10.00 since Wall Street opening. EUR/USD tests 1.4200, GBP/USD is back above 1.6200, while commodity currencies have just set fresh daily highs against greenback. Oil is also strong holding above $ 106.00, while European and US indexes are gaining ground rapidly.Expect trend to continue today against poor dollar.
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| Majors hourly perspective for the US session Posted: 24 Mar 2011 06:31 AM PDT Here is the hourly perspective for US session:
http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/2011/03/24/
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| US Durable Goods Orders quite negative Posted: 24 Mar 2011 05:36 AM PDT US Durable Goods Orders come out quie negative, far below past month and forecast, printing -0.9%; core orders where also negative at -0.6%. Weekly unemployment claims improved, falling to 382K. Dollar spiked lower against major rivals except for Pound that holds steady near daily low.
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| Best pair to trade now: EUR/USD Posted: 24 Mar 2011 03:36 AM PDT Here is my first choice for today:
http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2011/03/24/02/
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| Posted: 24 Mar 2011 02:45 AM PDT Bearish momentum in the cross accelerates after worse than expected UK Retail Sales, with price apporaching key support area 1.6130/40: pair has both, the 61.8% retracement of the latest bullish rally from 1.5982 to 1.6400 monthly high, and the 200 EMA in the 4 hours chart. Daily close below that area should point to a retest of the 1.5970 lows. Beware smaller time frames look extremely oversold, so we may see some limited bullish corrective movement/consolidation before next big run. Resistances now, come at 1.6200, and 1.6240.
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| Euro down, bullish longer term trend still alive Posted: 24 Mar 2011 12:40 AM PDT If you ask me what currrent EUR/USD slide is, correction will come to my mind. the long term is barely unchanged in the daily chart,with indicators slightly lower yes, but far from pointing for a major movement. I have several trend supports in the way, first one a short term ascendant trend line arund 1.4020/30 the cross is about to challenge. Lose of that one today, could see the cross testing key 1.3950 static support area, and static Fibonacci support. Not seen for today yet below lies another daily ascendant trend line around 1.3870. Daily close below this last will no doubts jeopardize the bullish view. Resistances short term talking lie at 1.4090 1.4140 and 1.4190.
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| EUR/USD holds above 1.4100, bounces back higher Posted: 23 Mar 2011 07:00 AM PDT Euro seems to have found a bottom at least in the short term at key 1.4100 area, bouncing back higher also supported by quite disappointing US housing data. Pair needs now to regain and consolidate above 1.4160 to recover lost strength and attempt to reach 1.4220 area.
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