Risk Pairs Gain a Bid
Written November 29, 2009 at 8:42 PM EST by Alex Chernomordin
Risk and commodity pairs have caught a bid to start the trading week as oil and equities are all trading up regardless of the negative data received earlier in the session (lower JPY industrial production & UK consumer confidence.) For the AUD/USD we see the pair approaching the 100 hr moving average and the 61.8% retracement of last weeks move, we will watch and see if the pair runs into any resistance at this level.
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