Forex Analysis by HM CactusJack, 2010/09/09
Flat. Risk Off. Risk On. So far we have seen all three in this Holiday shortened week of trading.The question we always ask as traders. Whats next ? The news that will most likely answer this question for us tomorrow is Weekly Jobless Claims. The forecast calls for unemployment claims to have dropped by 2,000. This market hungry for good news may find this as another excuse to rally.
Taking a quick look at currencies. We saw three pairs sell at Key Levels Of Resistance yesterday.USD/CAD at 1.0508.EUR/JPY at 107.08. USD/JPY at 84.01. While the Euro staged a flat rally and ran out of gas early before the century mark with a daily high of 1.2763. The clear winner for the day was AUD/USD setting a new high at 0.9236. While USD/JPY set another another 15 year record trading down to 83.34.
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