Boris and Kathy's FX Blog www.bktraderfx.com
9/27/2006
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AUD/NZD - Reversal!
The AUD/NZD is giving us a buy signal. A bottom is forming, as the pair manages to hold onto all of yesterday's gains. MACD is also crossing to the upside suggesting that there is momentum behind this turn. As long as we hold above 1.1315, the 9/22 low, we could see the pair reach 1.1530, the 20-day SMA and the 23.6 fibo retracement of the August to September sell-off. Above that, we could see a test of 1.1640, which is the 200-day SMA.
New Home Sales and Durable Goods
Bad news for the dollar - but not enough to cause much action. Technicals and fundamentals call for a continued bounce in the Euro. Prices are stalling at the prior range lows.
CBI Strength May Counteract Blanchard Dovishness
CBI Retail printed at 14 versus 12 to a 21 month high indicating that UK consumer demand remains firm and putting rate hike talk back on the table. EUR/GBP long still looks strong but GBP/CHF short looks considerably more vulnerable in light of weaker than expected KOF earlier today. Rebalance accordingly.
Sign up for our email alerts if you want them instantly!
AUD/NZD - Reversal!
The AUD/NZD is giving us a buy signal. A bottom is forming, as the pair manages to hold onto all of yesterday's gains. MACD is also crossing to the upside suggesting that there is momentum behind this turn. As long as we hold above 1.1315, the 9/22 low, we could see the pair reach 1.1530, the 20-day SMA and the 23.6 fibo retracement of the August to September sell-off. Above that, we could see a test of 1.1640, which is the 200-day SMA.
New Home Sales and Durable Goods
Bad news for the dollar - but not enough to cause much action. Technicals and fundamentals call for a continued bounce in the Euro. Prices are stalling at the prior range lows.
CBI Strength May Counteract Blanchard Dovishness
CBI Retail printed at 14 versus 12 to a 21 month high indicating that UK consumer demand remains firm and putting rate hike talk back on the table. EUR/GBP long still looks strong but GBP/CHF short looks considerably more vulnerable in light of weaker than expected KOF earlier today. Rebalance accordingly.
posted by BKTrader # 9/27/2006 06:00:00 PM 
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