Forex Commentary: AUDUSD gains ground, resistance overhead, 11th August 2011

Trading Setups / Chart in Focus:

AUDUSD

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The Aussie dollar gained back substantial ground today as price rotated up on yesterday’s big down move. We can see the 8 / 21 day EMA resistance layer is coming in just above 1.4000-1.0450. Any further rotation higher might see some sell pressure in this area, so watch for potential bearish price action setups if price moves higher and stalls in this resistance zone.

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Forex Commentary:

The U.S. dollar and euro posted their best days ever against the Swiss franc on Thursday, jumping as much as 6 percent after falling to record lows this week, as the Swiss National Bank said it could peg the franc to the euro to rein in a soaring currency.

Sharp gains in the euro versus the Swiss franc further helped lift the euro zone common currency against the dollar. The euro last traded up 0.4 percent at $1.42247.

In other trading Thursday, the British pound rose to $1.6235 from $1.6129, while the dollar was unchanged at 76.83 Japanese yen and dropped to 98.38 Canadian cents from 99.46 cents.

Other Markets:

On Wall Street today U.S. stocks shot higher by 4 percent or more as investors bought up beaten down stocks and ignored the recent wave of fear that has been the catalyst for selling recently.

The Dow gained 423.37 points, or 3.95 percent, the S&P 500 gained 51.88 points, or 4.63 percent, and the NASDAQ added 111.63 points, or 4.69 percent.

Upcoming important economic announcements: 8 /12/2011

8:30am EST: United States – Core Retail Sales m/m
8:30am EST: United States – Retail Sales m/m
9:55am EST: United States – Prelim UoM Consumer Sentiment