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Trading Setups / Chart in Focus:
EURUSD
The EURUSD tried to break free from its recent trading range today but could not close above resistance. We can see a small false-break occurred today, however, the 8 / 21 day EMAs are diverging to the upside and price seems to be slowly grinding higher. We will wait and see what happens and watch for any price action developing after a strong breakout, should one occur.
AUDUSD
The AUDUSD broke and closed above 1.0600 resistance today, indicating that price is seeing some sustained buying pressure. Also, the daily 8 / 21 EMAs have crossed higher; further indicating that momentum is becoming more bullish. Let’s wait and see what develops over the next 24hrs.
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Forex Commentary:
The dollar fell against the euro in light trading Monday amid mixed economic messages.
In late trading, the euro rose to $1.4505 from $1.4484 Friday. The euro rose to $1.4546 earlier in the day, its highest level since July 5. The British pound rose to $1.6405 from $1.6335.
In other trading Monday, the dollar rose to 76.95 Japanese yen from 76.66 Japanese yen and to 0.8153 Swiss franc from 0.8078 Swiss franc. But the dollar fell to 97.84 Canadian cents from 98.51 Canadian cents.
Other Markets:
On Wall Street today U.S. stocks gained more than 2 percent on the back of a merger between two big Greek banks that provided some good news from debt-laden Europe.
The Dow gained 254.71 points, or 2.26 percent, the S&P 500 added 33.28 points, or 2.83 percent, and the Nasdaq gained 82.26 points, or 3.32 percent.
Upcoming important economic announcements: 8/30/2011
10:00am EST: United States – CB Consumer Confidence
2:00pm EST: United States – FOMC Meeting Minutes
9:00pm EST: New Zealand – NBNZ Business Confidence
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