Feb 16, 2009
By: Danelle
The player will show in this paragraph
Today is February 16th, 2009. Lets review the action from today.
EUR/USD opened Sunday by gapping down from Friday's close. There was some push and pull by the bulls and bears, but the pair closed at 1.2797 with little volitility overall.
GBP/USD opened at 1.4209, also gapping down from Sunday's close. During the day, the price pushed up slowly to a high of 1.4317, and closed at 1.4293, which is where it opened last Friday. Be careful, as the recent downward trend may continue now.
USD/JPY also slowly pushed up. Opening at 91.46, the pair closed at 91.72, after reaching a high of 92.06, testing the 92.10 resistance level. If the upward trend continues and breaks through the 92.10 resistance level, potential profits to the long side may be realized.
USD/CAD stayed in its recent sideways trading range. Closing at 1.2418, the price was up only 2 pips from the open. We are seeing a resistance level near the 1.2525 level. It has been tested several times over the past coule of weeks. For longer term traders, we would like to see it break through 1.2565 to indicate a strong upward trend. For shorter term traders, the upward movement may allow profits to be taken on a long position to about the 1.2525 level.
AUD/USD is showing some downward potential. The pair gapped down from Friday's close, and is showing a gravestone doji pattern, which indicates weakness on the bulls side. The pair closed at 0.6524, with a low of 0.6473. If the price can break through the 0.6470 level, we might see movement down as far ast the 0.6300 level.
Finally, USD/CHF continued it's sideways channeling. Opening at 1.1632, the pair pushed up as high as 1.1705, finally closing at 1.1594. We are going to watch this closely, as we could see an upward push by the bulls based on the lack of strength behind the bears.
That's it for currency action for today. Don't forget to check our Angel Pair Picks right here at PipsAngels.com!
