The euro fell against the dollar to a low of $1.2727 as traders remain cautious a day before the ECB policy meeting and debt sales from Spain. Traders say that they is a good chance that the ECB may cut rates this month or sometime over the next couple of months. Traders continue to express their negative view on the euro currency by selling it against commodity currencies, with the EUR/NZD hitting an all time low of $1.6015 while the EUR/CAD hit a one year low of $1.2959. The EUR/AUD remained near its all time low hit of $1.2394. Commodities currencies continue to outperform due to a belief that the ECB will continue to provide greater liquidity in the market.
XAUUSD
Gold is testing its resistance level of $1640 and has a very good possibility of penetrating it in the coming days. $1640 is quite significant level as it was also the late-December high, therefore, a break of this level should have the commodity heading towards its 200 moving average of $1650 and even higher. We suggest putting a buy order at $1642.
XAU/USD" title="XAU/USD" width="944" height="667">
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