Mr. Crabs
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New session highs on EURAUD
I think it could hang up here for a while although I don't think it will go up much higher than it is now. Maybe .005% upside but I imagine it won't go much higher than it is now considering mod-term shorts are likely increasing their positions while we are closing in on a multi-year high resistance. The AUD already got beaten down under support while the EUR is waiting to get rocked by a USD strengthened by the notion of tapering.
Basically I think we're closing in at the top; maybe for the quarter.
I think we've got potential for new session highs within the hour.
I think that it should hit the top soon though.
I think it could hang up here for a while although I don't think it will go up much higher than it is now. Maybe .005% upside but I imagine it won't go much higher than it is now considering mod-term shorts are likely increasing their positions while we are closing in on a multi-year high resistance. The AUD already got beaten down under support while the EUR is waiting to get rocked by a USD strengthened by the notion of tapering.
Basically I think we're closing in at the top; maybe for the quarter.