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| AUD/USD quite limited to the upside below 1.0600 Posted: 16 May 2011 04:12 AM PDT While stocks and commodities extend their slide, AUD/USD dangerously approaches to 1.0500 Fibonacci support, 38.2% retracement of this year gains:
I would expect the selloff to accelerate below mentioned 1.0500, as stops should be big in that area; here is the link for the intraday levels for the cross: http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2011/05/16/
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| Posted: 16 May 2011 03:24 AM PDT Hi everyone and welcome back! I usually woke up around my 5:00 a.m. (8:00GMT) and read what's up in the world. then I take a look at charts to see what happened in Asia, and wait till European opening market reaction to figure out the day movements. Well what a surprise to find out that top news today is that Dominique Strauss-Kahn, the head of the IMF, was arrested in New York accused of sexually attack an hotel maid. Despite the news could affect the EU-IMF bailout for Greece or Portugal, EUR/USD has remained steady above past Friday's low, and even pulled back to 1.4140/50 area, the 38.2% retracement of this 2011 bullish run. Still below it, mid term bias remains bearish as long as below 1.4250 also, and with stocks lower, and commodities struggling to remain intraday postive, I won't expect too much more euro gains today. Same goes for Pound, with GBP/USD limited to the upside by 1.6220, daily high, and the ascendant trend line broken past Friday today at 1.6260, a level that will probably attract sellers if reached. Commodity currrencies lead the way falling strongly against dollar and testing past week lows: AUD/USD quotes at 1.0520, while below 1.0500 the slide may extend towards 1.0250 at least over the upcoming days. USD/CAD holds around a 7-week high at 0.9760, as oil stays around $ 98.00 a barrel. We have some US first line data today, that will likely hit stocks first while forex market will follow market sentiment; here is the link for today's calendar:
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