FX Levels and Outlooks 11.30.2010 USD/CAD USD/CAD Gold
USD/CAD Cracking 1.0260 Resistance 1: 1.0260 (breaking); Resistance 2 (Target if 1.0260 breaks): 1.0340 Support 1: 1.0160; Support 2: 1.0090 Following up with yesterday’s look at the USD/CAD, we finally have a test of the 1.0260 level, and the market is threatening to break above that. The next pivot is 1.0340, which is the central equilibrium of a long intermediate term consolidation range. When broken, the 1.0260 level becomes an important support pivot that would challenge bearish attempts.
Italy FTSE MIB Index
Comment: The worst performing major index over the last three years and down 55% over the decade, closely followed by Amsterdam’s AEX and the Nikkei, and things just took a turn for the worse. Fifty and two-hundred day moving averages, which have been suggesting a short position since late April, have managed to force prices down for the last five consecutive weeks and we are back down at July’s lows, within spitting distance of key support around 18,400. Weekly and monthly closes below here