The Australian Dollar was the best performing currency headed into North American trading on Tuesday as Chinese growth remained exceptionally strong, offsetting lower inflation expectations set forth by the Reserve Bank of Australia.
Market sentiment continued to taper off on Tuesday as Moody’s Investor Services fired warning shots against France’s AAA credit rating, and currency traders may further scale back on risk-taking behavior as the fundamental outlook for the world economy deteriorates.
There is some risk-on trading entering the US trading session. This dynamic stopped the USD/CAD rally below the 1.0270 pivot. The market is also respecting the 200-period simple moving average (SMA). Note the bearish divergence as well.
We continue to project additional upside in the Greenback over the coming weeks and recommend looking for opportunities to build into fresh USD longs…
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The safe-haven US Dollar and Japanese Yen corrected lower overnight but appear poised to resume their advance as risk aversion grips markets in Europe.
Any positive reaction to the Eurozone plan is now starting to fade and broader macro themes of fear and contagion are starting to creep back in…
The US Dollar broke higher out of a two-week down trend. An acutely bearish S&P 500 chart setup argues for continued gains in the go-to safe haven currency.
The US dollar managed its first serious advance in 10 trading days Monday. It shouldn’t surprise that this bullish performance coincided with the S&P 500’s first substantial down day in the same amount of time.
Between Pivots: The AUD/USD fell to start the global session, but as we start the Asian session, the market is trading between an important support area in 1.0170-1.02 and an important resistance pivot at 1.0390. The 1.0170 level was support on 9/14, 15, 19, 20. Then the 1.0170 was cracked but 1.02 zone provided resistance 10/12, 13…
Non commercial US dollar long positions reached a record high, according to the CFTC’s COT data.