A Blog of Commentary and Ideas from an FXstreet Premium Member by 
Welcome to out first trading week of 2009!
Last Friday, our Euro friend was appreciating nicely with its’ “cousin”, Gold.
We noticed a strong relationship here, and concluded our Price similarities were tight…but not as deeply
correlated as other Currency/Commodity groupings.
Even though the Euro itself is strongly backed by Gold…how about a look at the tightest Gold correlation we have…the Aussie!
So…let’s take a look at the Euro and the Aussie for a couple of days…we may see some of those general macro-similarities that we use for overall Market exposure protection.
First up to the plate is the Euro…so let’s see where we may progressing.
We are still largely “Rangebound” on a Daily Macro view ( mind you…a rather large Range…), although a visit to our Hourly again shows nice follow-through with the Sydney Open to begin our week.
(click once for captures)
Our points of directionality are rather clear on the Daily Time Cycle…so let’s drill down to the Hourly and see if we have additional clarity.
As illustrated, we certainly may see a re-test of the 1.40 area…although we do appear to be carrying some “weight” here with high probabilities to the downside.