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  • Canadian #Dollar Forecast: $USDCAD Bears Fail at Support- March Levels -
  • I feel the LaserEyes trend is a more effective social spread because of the visual impact. Kind of disappointed the community hasn't gotten a more tangible visual cue for BTD / BTFD. Or maybe there is one and I'm just behind the trend....which happens a lot recently
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.87% 🇨🇦CAD: 0.78% 🇳🇿NZD: 0.45% 🇪🇺EUR: -0.19% 🇯🇵JPY: -0.20% 🇨🇭CHF: -0.70% View the performance of all markets via
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Silver: -0.35% Oil - US Crude: -0.37% Gold: -0.50% View the performance of all markets via
  • The price of oil extends the series of lower highs and lows from the February high ($63.81) ahead of the (OPEC) (JMMC) meeting on March 3. Get your #crudeoil market update from @DavidJSong here:
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.57%, while traders in GBP/JPY are at opposite extremes with 66.37%. See the summary chart below and full details and charts on DailyFX:
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.38% France 40: 0.24% Germany 30: 0.23% US 500: 0.00% Wall Street: -0.01% View the performance of all markets via
  • Schumer says Senate will take to stimulus bill this week - BBG $USD
  • The Canadian Dollar has failed a break below a critical support confluence we’ve been tracking for months now and leaves the bears vulnerable while above. Get your $USDCAD market update @MBForex here:
  • AUD/USD sharply higher following last week's decline $AUDUSD
British Pound Cross Pick 05.15.2012

British Pound Cross Pick 05.15.2012

David Song, Strategist

The short AUDNZD from 1.2814 got stopped out as the pair broke out of the narrow range, but I am still looking for another opportunity to sell the pair as the Reserve Bank of Australia keeps the door open to lower the benchmark interest rate further. As the relative strength index approaches overbought territory, the correction in the AUDNZD should taper off in the coming days, and we will keep a close eye on the 1.2900 figure for a potential entry. At the same time, I am looking to buy the GBPUSD as it comes up against former resistance around 1.6000, and we should see the sterling retrace the decline from the beginning of the month as it maintains the upward trend from earlier this year. As the U.K. faces a double-dip recession, there’s speculation that the Bank of England will curb its growth forecast and leave the door open to expand its balance sheet further, but the central bank may sound a bit more hawkish this time around amid the stickiness in underlying inflation. As the BoE quarterly inflation report comes into the spotlight, we anticipate to see a bullish reaction following a less dovish statement, and we may see the group shift gears and move away from its easing cycle as its credibility for price stability remains under scrutiny. In turn, I will try to buy as close to 1.6000, with a stop at 1.5968, the 50-Day SMA, but will keep an open target for now as I expect to see fresh 2012 highs in the exchange rate.

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