Yesterday's Market Briefing

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Yesterday's Market Briefing

Post  harpal1980 on Thu Sep 10, 2009 2:11 am

This time it started on the Forex market, as Dollar counterparts climbed higher throughout the session. Already during Asian hours investors were showing their confidence in the current recovery driving the indices and currency pairs higher. Throughout the session the Dollar index dropped dramatically from its recent support level, coming down to 77.1 points.

On individual pairs, the AUD/USD led the rally higher, breaking major resistance already during Friday’s session. The EUR/USD presented a massive turnaround and closed the day above its high of $1.4445. Even though this pair is now presenting an intraday technical continuation pattern, one must note that economic data could linger on this pair causing it to retrace and test its break out. When taking a glance at the chart below one can see the intra trend line resistance that must be broken to follow through.

EUR/USD - 1 hour chart

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