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NZD/USD had a strange day on Tuesday. While the rest of the world partied and celebrated the resignation of the Italian PM, it couldn't break above the 0.80 level. AUD/USD formed another hammer on the daily chart for Tuesday, and the 1.03 level looks like it is going to be supportive. Play video >>
USD/CAD had a bearish session on Monday as traders piled into the oil markets. USD/CHF had a bullish day as SNB member Jordan came out and said that the SNB was willing to do “whatever it takes” to keep the value of the Franc down. This wasn’t anything new, so the knee-jerk reaction is probably short-lived. Play video >>
EUR/USD fell on Monday, but managed a bounce during the US session as the Americans did what they do - sell their currency. The EFSF had a relatively weak bond auction for the day, and it originally pushed the pair down. However, as the Europeans went home - the Americans came in and bought the pair. The 1.40 level ahead looks very resistive to us, and should continue to see a cap on this market in that area. EUR/CHF jumped on remarks by a SNB member named Jordan during the Monday session. He was quoted as saying the SNB will continue to act as needed in the value of the Franc. The pair has bounced to 1.24, which was near the recent highs. Knee-jerk reactions like this rarely last though. Play video >>
USD/CHF rose during the Friday session, but still faces the 0.9000 level as resistance. AUD/USD first fell on Friday, but the later day saw the formation of a hammer. Play video >>
EUR/USD fell on Friday as traders continue to react to all of the negative headlines out of the EU. The G20 failed to produce anything good for the Europeans, the ECB had to buy Italian 10 year bonds again, and the Greeks are having a confidence vote on their Prime Minister. Italy is now talking about doing the same thing with theirs. Enough drama yet? There is more to come, we are sure. Because of this, we think the 1.40 level will continue to keep a lid on this pair. EUR/CHF actually rose on Friday as it was creeping much lower towards the “floor” in this pair at 1.20. The pair is still 200 pips above, but one has to wonder what the long-term outlook is for this pair. The SNB keeps the floor at 1.20, and the EU simply cannot get it’s act together to make this a compelling long-term buy. Play video >>
NZD/USD fell back below the 0.8000 level over the past week, but did print a hammer on the Friday close. USD/CAD busted back through the parity level, and looks like it wants to challenge the 1.02-1.03 levels. EUR/USD had a bearish week as well. Play video >>
USD/CAD found itself falling during the Thursday session as the "risk on" trade was on again. AUD/USD had a bullish day as traders celebrated the latest good fortune out of the EU. Play video >>
USD/JPY continues to float in the neighborhood of 78, and the latest intervention seems to have pinned the price up here. GBP/JPY had a bit of a bounce on Thursday as the Pound got a bid in general. Play video >>
USD/CAD continues to dance around the parity level, and experienced a pullback on Wednesday. The pair broke to the upside decisively on Tuesday, and as such we think there is still much fear in the markets, and this pair is a great example of that. Because of this, we actually like buying, but need to see supportive candles above or at parity. NZD/USD had a bearish day, and even tested support at the 79.80 level. The fact that many commodities rose, and the Kiwi fell shows signs of weakness in the currency. The sell signal is simple – can we break the support level? Buying is more than likely a return to consolidation in the 0.8000 level. Play video >>
EUR/USD had a positive day for the Wednesday session, but it shouldn't have come as a surprise after the massive fall earlier in the week. EUR/AUD acted very much the same. Play video >>
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