October 24th Long-Term Charts

FX Strategy Video > Currency Pairs Analysis

EUR/USD had a bullish week as the trading world sold off the USD in favor of the common currency. The weekend has yet another EU summit, and it appears that traders are trying to get into the market ahead of that. In other words - gambling. The 1.40 area looks very resistive, so we are not convinced as of yet.

The AUD/USD pair looks very similar to the EUR/USD and the "risk on" play seems to be in order. However, just like the EUR/USD, there is a massive resistance area just above in the form of the 1.03 to 1.05 area.

The USD/CAD pair looks set to retest the parity level again, and the weekly candle looks very bearish. However, the oil markets look set to pullback, and this could make this pair bounce in this vicinity.

Published on 21st of October 2011
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