Published on Thu, 2/07/09 |
Euro vs Dollar Daily Chart
Euro vs Dollar - EUR vs USD Daily Chart 2nd July 2009
The Euro received two significant boosts yesterday which at one point resulted in the EUR/USD touching 1.42. The first salvo was yet anti-dollar rhetoric from Fed Member Yellen clearly stating the necessity and desire to keep interest rates low - indeed he even went so far as to say: “we should want to do more. If we were not at zero, we would be lowering the funds rate” Next the Chinese weighed in with comments surrounding the reserve status of the US Dollar and their wish to have this topic included in next week’s G8 summit in Italy. However, such comments from the Chinese have to be seen in the context of their view of time and history. For example when asked about the French Revolution Zhou Enlai is supposed to have responded that it was too early to judge its impact. Technically yesterday’s candle ended on a wide spread up bar with only minor wicks to the top and bottom, and perhaps the most significant aspect was the support provided by the 9 day moving average which has now crossed the 14 day once again to present a bullish tone. With a holiday shortened trading week and the imminent collision of Europe and the US with their respective key fundamental news items today is not a day for trading, as only a break and hold above 1.43 will confirm the current upward momentum. I would suggest that today EUR/USD traders take the opportunity to look beyond the initial knee jerk reaction and take a longer term view but maybe not quite so long as the Chinese.
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Published on Wed, 1/07/09 |
Euro vs Dollar Daily Chart
The euro vs dollar continued its indecisive and meandering price action yesterday against a backdrop of month and quarter end liquidations and position squaring coupled with the prospect of a train crash on Thursday with the ECB going head to head with the Non Farm Payroll numbers and I suspect that we will see further [...]
Published on Tue, 30/06/09 |
Euro vs Dollar Daily Chart
Today’s deflationary fundamental news on the economic calendar for the Eurozone will pose a significant problem for the ECB and their interest rate decision on Thursday and given that we will also have the Non Farm Payroll data at the same time owing to Friday’s national holiday, there is one thing we can safely say [...]
Published on Mon, 29/06/09 |
Euro vs Dollar Daily Chart
With all the major fundamental news items on the economic calendar coming at the end of a holiday shortened trading week (4th of July on Friday) the technical picture is one of further sideways consolidation as the euro vs dollar waits for the inevitable and explosive breakout. Friday’s candle merely reinforced this picture ending the [...]
Published on Fri, 26/06/09 |
Euro vs Dollar Daily Chart
Yesterday’s candle provided little in the way of a trading signal for the short or even the medium term, as the euro vs dollar continued to consolidate in a relatively narrow trading range as the daily chart now moves towards a pennant pattern. The closing price for yesterday’s session managed to hold above all three [...]
Published on Thu, 25/06/09 |
Euro vs Dollar Daily Chart
Yesterday’s candle on the euro vs dollar chart which closed the session as a wide spread down bar reversed much of the gain of the previous day suggesting that we may now be entering a period of sideways consolidation with a mildly bearish tone. The fall yesterday was largely triggered by the FOMC statement which [...]
Published on Wed, 24/06/09 |
Euro vs Dollar Daily Chart
Yesterday’s widespread up bar put paid to any thoughts of a possible head and shoulders in the euro vs dollar pair which was clearly ignored by the market as prices soared, fuelled by a plethora of helpful comments from various members of the ECB talking up the Euro book. As a result the daily candle [...]
Published on Tue, 23/06/09 |
Euro vs Dollar Daily Chart
The euro vs dollar continued to consolidate in a narrow trading range yesterday ending the day on a down bar which closed below both the 9 and 14 day moving averages and which once again tested the neckline of the recent head and shoulders. The neckline of this pattern is now becoming a key battleground [...]
Published on Mon, 22/06/09 |
Euro vs Dollar Daily Chart
A week of sideways consolidation ended on Friday with a bearish candle which closed the session marginally higher on the day but with a deep upper wick which bounced neatly off the 14 day moving average suggesting a bearish outlook may be in prospect for the euro vs dollar. Indeed this view has been confirmed [...]
Published on Fri, 19/06/09 |
Euro vs Dollar Daily Chart
The euro vs dollar continued its sideways consolidation yesterday, ending the day with a narrow spread down bar with small wicks to both top and bottom, starting the day above the 9 day moving average and closing below it. Once again prices flirted with the neckline of the head and shoulders of the last three [...]
Published on Thu, 18/06/09 |
Euro vs Dollar Daily Chart
The euro vs dollar continues to flirt with the neckline of the head and shoulders outlined in yesterday’s market commentary, ending the day on wide spread up bar which closed marginally above the 9 day moving average which has crossed below the 14 day. In itself this could suggest that the moving average may provide [...]
