2007-05-20

This is the weekly view on EUR/USD.
This week, because of the great interest :) this time it will include USD/CAD and Gold.


First - Gold. Gold is the real money. Gold also is proxy of EUR. EUR and Gold usualy move in same direction. Because gold is measured in USD, is very important at the moment. Gold falled to the resistance (blue line), now gold will (must) go up. And because (if) gold is up, USD probably will go down, and EUR probably - up.
(EUR-up)


Second, our favorite chart - USD index, and the figure like a wedge. USD will (must) go up now, to the upper boundary of the wedge.
(EUR-down)


Now, EUR/USD - 1 day chart. EUR falled, and now is very close to the long term support (blue line). The support line is longer than I made it, it begin some more long time ago (hope you got what I mean) . We have declining resistance line (brown one), which forming a triangle. This triangle will be broken on the top, but we can not say when.
(EUR-up)


On 4 hour chart of EUR/USD, we see that we are in the middle of the channel. It is safe to buy EUR from the bottom of the channel - 1.3430, however I do not believe EUR will fall that much, we will see.
(EUR-sideways)


Finaly, the USD/CAD - 1 day chart. USD falling. It wanted to include 4 hour chart, but it shows same thing.
(EUR-up)