Daily Forex Market Review 22.6.2010
General Overview
The AUD/USD was the greatest beneficiary form the PBOC news with regard to the
Yuan. This gap breakout should continue to push the AUD higher.
Trading Advice
Buy the AUD/USD at the 50‐day moving average near .8750. Stop below Friday’s low
at .8705, look to take profit near 91 cents.
EUR/USD
The Euro sold off as North American investors were enthusiastic about the PBOC move to create a
more flexible Yuan. The Euro slipped 60 pips after touching 1.2470 early in the European trading
session. The Euro is likely to consolidate near 1.2300
GBP/USD
The pound rallied past 1.4850, and then retraced to close near 1.4750. A break of the 1.4850 level
will lead to further gains toward 1.5000.
Gold
Gold was hammered today as investor to profit pushing the yellow metal down 22 dollars per
ounce. Gold held trend line support at 1232 and should consolidate and move higher.
AUD/USD
The AUD/USD gapped higher and touched .8859, before settling down near the 50‐day moving
average at .8750. The commodity‐oriented currency is poised to test 90 cents.
