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NZD/USD fell a bit during the session, but bounced enough in order to not only close a bit higher, but also formed a nice hammer. The market should continue to get a boost by the Federal Reserve and as long as that central bank prints money - the Kiwi continues higher overall. The AUD/USD is in a very similar boat as gold should continue to go higher due to the same QE. The Fed and other central banks will continue to print, and gold will continue to go higher. Therefore, this currency seems like it should continue higher. Play video >>
USD/JPY rose during the session on Tuesday to test the 79 handle again. This suggests to us that the buyers are stepping into the markets again, and are trying to push this pair higher. Certainly, the Bank of Japan won't complain. The USD/CAD pair fell flat for the session on Tuesday as we approached the 0.98 handle. This is a simple case of the market retracing and retesting a former support level. Play video >>
USD/CAD got a small pop on the session for Monday as the rumors of a possible SPR release pushed oil prices lower. With this, the Loonie lost value in the short-term. Nonetheless, the 0.98 level was once support, and it should now be resistance. We are still looking for the 0.95 level eventually. The GBP/USD pair pulled back after making gains for the session in order to form a pseudo-shooting star. This pair needs to pullback, and we see 1.60 as a logical place in order for it to do so. Play video >>
AUD/USD fell a bit during the session on Monday, and as a result is below the 1.05 handle now. However, there is a certain amount of a auto-bid in this pair due to the Federal Reserve and its QE3 program. Nonetheless, we have also retested an uptrend line and failed - which is bearish as well! The USD/JPY pair rose again during the session on Monday, but failed at the 79 handle. If this area can give way, the 80 level will be next. We still like buying this pair as the BoJ is behind a lot of the support, but would prefer a pullback. Play video >>
AUD/USD shot straight up during the Friday session, but fell in the end to form a shooting star. This is a very negative sign under most circumstances, but the rally should remain intact after a pullback, possibly to the 1.04 level. The NZD/USD has already broken out, and now looks to pull back as well - but this market is retesting former resistance at the 0.82 handle for support. With the Federal Reserve easing - it will more than likely find it there. Play video >>
EUR/GBP continued to shoot straight up on Friday, however we are running into significant resistance at this point. Also, the velocity has been a bit overdone at this point. We are looking for a pullback in the very short run. The GBP/USD is in a similar situation. We still think 1.63 is a given at this point, just that we need to cool down a bit. 1.60 looks to be the floor as well at this point. Play video >>
EUR/USD continued to gain after the Fed announced further easing to the monetary policy. This market should continue to grind higher, but we think that there are going to be very serious headline risks out there for some time. The USD/CAD pair broke below the support from the long-term consolidation area finally. We now think that with trouble in the Middle East, we could see a spike in oil prices, and this of course means that this pair could easily fall. The GBP/USD continues to impress, and the pair looks very likely to hit our previous target of 1.63 with relative ease. In fact, there is a real chance of much higher prices now that the Fed has given the go ahead with even more easing. Play video >>
USD/CAD pair fell during the session on Thursday as Ben Bernanke announced further easing by the Federal Reserve in the US. The extended and expanded measures support a lower Dollar and higher asset prices. Because of this, the Canadian dollar rallied right along with oil and other commodities. The GBP/USD saw gains as well during the session, and now looks set to run to the 1.63 handle. The pair looks like a "buy on the dips" type of market, and as such this is exactly what we are doing. Play video >>
EUR/USD rose during the session as the Federal Reserve announced much longer QE and expanded buying of MBS's as well. This pair found the 1.30 level, and now the real work begins for the buyers if they want to push the Euro higher in general. The EUR/GBP also had a strong session as the Euro did well in general. The current area is still within the "resistance band" that we have been talking about, and we will need to see 0.81 overcome in order to start buying. As for selling - that's even further away. Play video >>
EUR/USD rose during the session on Wednesday, but the truth is that we are simply waiting for the Federal Reserve to make its decision today. The 1.28 level looks like a bit of a floor at the moment, and we certainly look ready to go to the 1.30 level in short order. However, if the Fed surprises by not easing...this pair will fall apart. The EUR/GBP pair continues to languish around the the 0.80 level, and we think that the pair should continue to do so. After all, both currencies are strong at the moment, and we don't see a clear path higher until we get over the 0.81 handle on a daily close. The trend is still down though.... Play video >>
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