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FX Alerts for October 22nd, 2010: Reviewing Key Levels

by Rafael Rosa on October 22, 2010

In today’s FX Alerts, I talk about the key levels to watch for in the Euro Dollar (EURUSD), Cable (GBPUSD), and Aussie Dollar (AUDUSD). As the week ends, it becomes more important where these pairs end up.

For the EURO, staying above or below the 1.3900 level will be the game changer. A close below this 61.8% fibonacci retracement level of the 1.51-1.18 run could easily open up 1.3800 and 1.3770.

The faith of Cable remains in the hands of the 1.5700 level. A daily+ weekly close below this level would open up the 1.5600 zone, even the key 1.5500. Fundamentals are deteriorating for the Pound and the technicals are slowly following. Budget cuts look good but they also add risks to growth.

Technorati Tags: AUD/USD, aussie dollar video analysis, cable, currency analysis, eur/usd, euro dollar analysis, fx alerts, fx video, GBP/USD

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