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Interesting Technical Action in the Euro, Sterling and Swissie

Posted by WorldWideMarkets . on Aug 23, 2013 3:27:00 AM
Euro/dollar looking at a long term golden cross with the 100-day simple moving average, 1.3117, about to move above the 200-day simple moving average, 1.3127. Dollar/Swiss still facing a death cross with the 50-day SMA at 0.9358 still holding above the 200-day SMA at 0.9346. British pound reaches its death cross with the 50-day SMA, 1.5344, moving below the 100-day SMA, 1.5347.
Separately, the dollar index, the dollar against a six currency basket has gone back through its 200-day simple moving average. Most of the moves are on the dollar strength after the Fed minutes. While there was not explicit mention the Fed will begin to taper in September, the minutes did nothing to dissuade investors that the Fed will act at its next meeting to slow down stimulus. That was enough to trigger some interesting trading patterns.pound trading

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