Wednesday, October 6, 2010

More charts USDCAD, EURGBP

EURGBP weekly chart
EURGBP is at a level where we could see a correction lower.   0.8730 is a big pivot and the 38.2fib from the 2008 highs to 2010 lows, the  50fib from the 2009 high to 2010 low and also the 61.8fib from the 2010 highs to lows. It is also the trendline from the 2009 highs.
I think this is a low risk short back to 84.80 at least

USDCAD has broken the bottom of the big daily wedge and looks set to retest the lows.  If crude can hold and close above 83 then it will help this short.
If the dollar gets a bounce then I like EURCAD or maybe AUDCAD better.

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