When offering forecasts for 2011, I feel like I can just take the stock phrase “______ is due for a correction” and apply it to one of any number of currencies. But let’s face it: 2009 – 2010 were banner years for commodity currencies and emerging market currencies, as investors shook off the credit crisis and piled back into risky assets. As a result, a widespread correction might be just what the doctor ordered, starting with the Australian Dollar.
By any measure, the Aussie was a standout in the forex markets in 2010. After g
EUR/USD 1.2835 – 17 August 2010
EUR/USD Open 1.2812 High 1.2865 Low 1.2735 Close 1.2825On Monday the Euro/Dollar started to rise. The European currency appreciated from 1.2735 to 1.2865 yesterday, matching the positive Interbank sentiment projection, at nearly +2%, closing the day at 1.2825. This morning the bulls are trying to push further up. On the 1 hour chart new downward channel was broken upwards, while on the 3 hour chart the downward channel is on hold. Break above the nearest resistance and yesterday’s top at 1.2865 may trigger further recovery of the Euro. Read more…