Tuesday, September 14, 2010

Currencies Breakout versus the US Dollar

AUD/USD broke above psychological 0.94. Now in uncharted territory we can't really force a target - the Channel top gives a notional 0.9550 cap on the breakout move.

EUR/USD broke above 1.2920 and trading above 1.30 now. Trendline comes in 1.3050 but significant focus of the market will be attracted by the flat Resistance converging with the 200-Day MA at 1.3286.

GBP/USD has been a weak link especially on the crosses reflecting the global imbalances like GBPAUD and GBPCAD.

GBP/USD is trading above the 1.55 BOX top with immediate targets at 1.5580 and 1.57.

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