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EURUSD and AUDUSD recap, 1st July 2011

Trading Setups / Chart in Focus:

EURUSD

The EURUSD moved higher today after briefly flirting with lower prices and closing the day higher and above resistance near 1.4500.

We can see the next obvious horizontal resistance area comes in near 1.4700. Next we week will keep a close eye out for bullish price action on any rotations lower, as we can see the 8 and 21 day EMA’s have crossed higher.

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AUDUSD

The AUDUSD broke and closed above resistance near 1.0775 today; the upper end of its recent trading range.

We can see the daily 8 and 21 EMA’s have crossed higher, another “confirmation” that momentum is becoming more bullish. Any rotations lower next week into this dynamic support near the EMA’s could be buying opportunities pending bullish price action strategies.

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Forex Commentary:

The euro EURUSD closed at $1.4526 on Friday, up marginally from $1.4500 in late North American action on Thursday.

The British pound GBPUSD nudged up 0.3% to trade at $1.6069,

The dollar was marginally higher against Japan’s yen, with a survey out Friday showing that business sentiment among Japanese manufacturers sharply deteriorated in the April-through-June quarter.

Other Markets:

On Wall Street Friday stocks opened July with a bang as Wall Street scored its best week in two years after strong manufacturing data eased worries about slowing growth.

The pace of growth in manufacturing picked up for the first time in four months, with an index of national factory activity rising to 55.3 in June from 53.5 in May, Institute for Supply Management (ISM) data showed.

The Dow lost 168.43 points, or 1.36 percent, the S&P 500 added 19.03 points, or 1.44 percent, and the Nasdaq gained 42.51 points, or 1.53 percent.

Upcoming important economic announcements: 7/3/2011

9:30pm EST: Australia – ANZ Job Advertisements mm
9:30pm EST: Australia – Building Approvals m/m
9:30pm EST: Australia – Retail Sales m/m

7/4/2011

3:15am EST: Swizterland – Retail Sales y/y
4:30am EST: Britain – Construction PMI
All Day: United States – Bank Holiday
6:00pm EST: New Zealand – NZIER Business Confidence
9:30pm EST: Australia – Trade Balance