Monday, 5 March 2012

Action Forex

Action Forex

Markets concerned with Chinese growth forecast reduction, Greek debt swap complications

Posted: 05 Mar 2012 07:46 AM PST

Investor optimism deteriorated on Monday, following Chinese PM Wen Jiabao ‘s announcement that the growth forecast for China for 2012 had been cut to 7.5%, in comparison with the previously estimated 8.5%. The Premier attributed the reduction to high inflation as well as grim global economic prospects. “Internationally, the road to global economic recovery will be tortuous,” said Wen Jiabao at t

AUDUSD had formed a cycle top at 1.0855

Posted: 04 Mar 2012 06:40 PM PST

AUDUSD had formed a cycle top at 1.0855 on 4-hour chart. Further decline to test 1.0596 key support would likely be seen, a breakdown below this level will indicate that the longer term uptrend from 0.9861 had completed, then the following downward movement could bring price to 0.9500 area. Resistance is at 1.0855, only break above this level could trigger another rise towards 1.1080 previous high. Posts Relat
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