Fara Wave

The dollar rallied broadly on Friday as well ahead of the G8 meeting, but late sales in the European currencies avoided the break of significant technical levels. With the G8 meeting out of the way, the US currency should decline first and then attempt to rally again. With the G8…
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EUR continues to build on its second month of lower prices (monthly chart) since tumbling off the 1.6020 in late April’08.The pair weakened further the past week invalidating layers of support to close at 1.5380 and shift attention to its May 08′08 low at 1.8285.If a decisive penetration of there…
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Speculations on Fed’s next move dominated the markets last week, in particular after stronger than expected retail sales and CPI report from US. Interest futures are pricing in a 60% chance that Fed will hike by at least 25bps in Aug, comparing to less than 10% a week ago. Odds…
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EUR/USD reversed sharply after edging higher to 1.5843 early last week. Break of 1.5365 support indicates that rise from 1.5284 has completed with three waves up to 1.5843, suggesting that it’s merely a correction to the fall from 1.6019 record high. Friday’s recovery indicates that an intraday low is in…
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