Tuesday, September 7, 2010

FX

The Euro gained momentum this afternoon, in it's resumption of the downtrend.

click to enlarge
In fact it may be oversold very short term. Note the RSI.
However even if this leg is just a "c to complete a corrective move down from 1.3333, if it equals the "a" it targets 1.2158. Thats also a .78 retrace of the bounce off the June lows of 1.18.
 Meanwhile the Yen is looking mighty feisty as it makes new highs. All in all a tough day for the carry trade folks. And so once again  risk appears to be OFF, at least for equities.

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