Dollar Reaches Parity with Aussie Today
March 10, 2011
AUDUSD is another pair I have been so hesitant to buy because for weeks we’ve seen AUDUSD try to make new highs above 1.02 but rejected almost every time with alot of force.
So today, the only news out of Australia seems to be the PM’s firm commitment to stand with business ties to the United States, driving their currency down even further. We all know of Australia being one of the only companies in the region to be able to mine for rare earth elements where the US can presently not. AUDUSD also made a similar decline today with the decline of the price of USD/GOLD, so as you can see the mining correlation between this currency (AUD) is still quite strong.
As for the AUDUSD itself, it is a clear cut down trend after trendline is penetrated late last night and we have a few different areas for entries.
EUR/USD March 10 – Incredible Selling
March 10, 2011
EURUSD is just defying technicals and following fundamentals at this point, mostly the debt concerns.
Last night provided me with quite a few areas to short the Euro as you can see on this chart, support and restiance levels, fibs and pivots provided some support but mainly the pressure was so great on the Euro that USD really gave it a run down, I’m even concerned one of my long positions I’m holding on to for the mere fact I’m “thinking” EURUSD will reach 1.4000 again, but this is just such strong rejecting.
I am reading that Greece is refusing to pay back its debts and Portugal will be the next nation to be bailed out by the EU. Frankly, just as in the United States, you must ask yourself where is the money coming from to bail out these trouble nations in the Eurozone?
March 8 AUD USD Going Down Some More?
March 8, 2011
It’s hard to assess where the pair is going based on the fundamentals and technical analysis before us, but we seem to have run out of buyers for the moment, I am looking to short this pair as soon as a few things line up on my charts. Here’s what I’m looking at now:
Gold reapproaching record highs, again.
March 7, 2011
This week I am very interested in seeing the sentiment for pushing Gold higher than it is at this point, due to the law of supply and demand you’d think all of the talking heads on TV’s predictions would finally come true and we’d see a massive breakout for Gold. This has yet to happen, but I’m keeping a close look at the price of Gold in relation to Oil and in turn relation to the USD this week.
Any comments are greatly appreciated on your thoughts about the direction of gold.
USDCAD week ending March 4
March 4, 2011
USDCAD was a definite down trend all week but with lots of volatility forming mini ranges all over on smaller time frames making it rather hard to trade for me. Obviously affected by the Gold and Oil situations combined the CAD also decided to not raise rates.
