Euro pairs are moving the most this morning off of what seems to be better than expected business climate data from the ifo Institute. It serves as a survey to a large sample size to help measure economic health of an economy.
EU price up 0.16% today as it seems to have peaked for the time being. The pair is hitting support on the 4H chart around 1.22376 and looks like it might cross below that mark. Additional support lies on the rising trend line coupled with a support zone around 1.21817. If the pair hits this support level, we think it could then try to hit a second test at February highs.
EJ coming down after a big breakout of a falling channel on the 4H timeframe. This retracement looks like it might have to come down to support at around 132.552 before it hits some solid support. Another minor level of support lies around 133.034, which could be strong enough to bring this pair back up since we are in a relatively long uptrend.
Euro Aussie looks pretty bullish right now on the 1D chart as it is heading up toward significant resistance at its 200 DMA and previous top. German ifo Business Climate news came out beating expectations which were forecasted at 98.2 and the result was 99.2. This pair looks more bearish than the others in the long term, but we are bullish up until price hits that resistance level.
9/17/2021 Stocks are down -0.58% this morning after coming down to test a significant level of support once again. While stocks fall, the dollar rises in the anticipation of sooner-than-expected tapering by the Fed along with a hike in interest rates starting in 2022. Our outlook Other than September being one of the worst months […]
9/16/2021 The Euro-Dollar pair is down over 0.5% today after several days in the red. Today's speech by EU president Lagarde mentioned how the economic recovery had come quicker than expected six months ago. This was praised by the prompt vaccine distribution so citizens could get back to work. Across the pond, the US just […]
9/14/2021 This morning's report on CPI m/m and core CPI m/m came in at a lower percentage than expected which resulted in a falling dollar pre-New York session. The USD is now volatile under the uncertainty of potential tapering and rising rates while the equities market seems to be rising because of this. Our outlook […]
9/13/2021 Big money has been moving out of Australia's currency for nearly a month now which has been the biggest drop in long contracts in this amount of time year-to-date. Australia's dollar index (AXY) is up 0.06% at 73.61 on the day after rebounding from the lows around 71.19. Our outlook Australia's economy has surprised […]