Forex update – USD and EUR/AUD

EUR/AUD - 4 hour chart
EUR/AUD – 4 hour chart

With only two tier 2 releases due this afternoon in the US, namely Flash Manufacturing PMI and New Home Sales, and liquidity fast draining away as summer kicks in, it will be interesting to see whether this morning’s moves in the forex market are likely to continue, or simply wither away.

From a technical standpoint the USD has had a good morning, finding plenty of buyers, particularly against the commodity dollars which comes as no great surprise given the carnage currently being inflicted in the commodity markets.

Whether this continues in this afternoon’s session, given the lack of news and the summer doldrums remains to be seen.

One pair which shows some potential for movement is in fact the eur/aud where on the 4 hour CSI we have these currencies at an extreme, and perhaps some scope for a reversal.

About Anna 1054 Articles
Hi – my name is Anna Coulling and I am a full time currency, commodities and equities trader. I have been involved in both trading and investing for over fifteen years and have traded many different financial instruments, from options and futures to stocks and commodities. I write and publish articles ( mostly for free ) for UK and international publications on a wide variety of financial issues, and in particular I enjoy helping others learn how to invest and trade.

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