Let us start of with this saying...that history does repeat itself! In relation with the the current market condition, as we evaluated the price behavioral patterns and movements, we have concluded that the best correlation as far as currency pairs are concerned are the USDx, EURUSD, GBPUSD and the EURGBP respectively in this order.
On the technical view point, as mentioned in our previous market view report that the trading range for the USDx after touching a 78.09/10 2nd bottom would be a re-test of the 80.05 interim resistance after penetrating the 78.80 levels easily. For course this was triggered by the fundamentals of Fed Chairman Ben Bernanke testimony coupled with some good figures in consumer confidence plus some renewed volumes for the USD vs. the decline in the precious metals market. The guidelines for the USDx market movements are currently paused awaiting for the NFP numbers that would add to the confirmation of the trend direction for the week. As prices have moved in both directions from a low to the high and now at the low levels of 79.15 basis point for the USDx. Pls. continue ...article link: Market conditions 3.09
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