Daily Analysis – 09/21/11

By September 21, 2011Analysis

Chart of the Day



The EUR/USD filled it’s gap today on the FOMC news that the U.S. Fed Chief Bernanke is planning more stimulus for the U.S. economy. The currency pair then promptly dropped off and formed an Engulfing Reversal pattern for a trade to the short side. There is support directly below, so proceed with caution. Reducing risk on a trade off the close of the daily candle would not be unwise.

EUR/USD Daily Chart Analysis


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Currency Commentary

The New Zealand dollar gave up earlier advances after GDP data missed estimates.


Equity & other Markets

Stocks in the U.S. fell today after U.S. Fed Chief Bernanke announced further stimulus was in store for the U.S. economy. The Fed will be shifting holdings of shorter term securities to longer term securities thus reducing borrowing costs and offset risks of a recession.


On The Calendar

09/22 – Thursday (EST)

8:30AM – CAD Core Retail Sales

8:30AM – USD Unemployment Claims

All Day – JPY Bank Holiday

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