Vekslers Forex Blog

Lots of head scratching; EURUSD to attempt 1.3180/85

Ken VekslerKen Veksler , Director, Accumen Management
United Kingdom, 20 April 2012 at 08:39 GMT+0
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Little of any real note to mention from markets overnight as a lack of data prints and market moving headlines left most punters to their own devices and with the current environment the way it is, this invariably meant a collective sitting on hands across the markets. Walking in this morning, levels are for the most part unchanged and with the exception of the IFO blip this morning causing some downside for the DXY we remain sideways at best.

Data today will give us little if anything to go by and save for the exception of UK retail sales in 20 minutes and the reported option barrier in Cable at 1.6100, my view has changed little if at all from yesterday's piece.

The EURUSD will have an attempt at 1.3180/85 stops, most likely taking them out to trade just above the 1.3200 handle, only to then reverse course leaning into 1.3130/00.

The AUDUSD is still looking heavy as per my comments from earlier in the week and its inability to do anything constructive above 1.0430 has left the downside still open for another test of 1.0250, perhaps early in the new week.

The Cable, still seems to be trading on a very well established difference between the Eurozone and the UK and with EURGBP looking less than healthy we are still set to test 1.6150/80, before potential capitulation.

Those that yesterday and the day before entered on dips in USDCAD (which I highlighted in my previous post) should be happy today, but equally so, shouldn’t be getting too carried away as further upside for now is clearly going to be a grind.

I mentioned Gold and Silver yesterday, and yes, I still believe we’ll see $1550 and $28 respectively in both, soon enough...

Little else to add today folks, the rain has stopped here briefly and my new helmet requires a polish...

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