Thursday, June 30, 2011

The Advisor Weblog

The Advisor Weblog

Dollar can’t find relief

Posted: 30 Jun 2011 04:47 AM PDT

Hi everyone! Last day o the month and the dollar can't find relief yet on contrary, sinks further. Usually profit taking last day of the month sees movements against dominant trend, more when we are closing first half of 2011. Still only currency showing weakness against dollar is the poor Pound, still weighted by latest BOE Minutes.


As commented yesterday in the Live Daily Wrap up webinar, Australian dollar was the most interesting pair to trade: AUD/USD soared to 1.0750, and despite extreme overbought corrections may remain limited. Here are the technical points to watch today:


http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2011/06/30/


The EUR/USD approached the daily descendant trend line coming from 1.4940 yearly high, today at 1.4550, tops in case of further gains. Correcting to the downside the pair is nearing 1.4445, previous strong resistance now immediate support: if below the slide could extend near 1.4380 area later today.

Here is the link for today's calendar:

http://www.fxstreet.com/fundamental/economic-calendar/


Have a great trading day!
Posted by at 5:21 PM

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