EUR/USD Rebounding After Finding Daily Support.

We saw chopping trading early in the night until the pair hit a low of 1.3159 following a worse than expected final services PMI out of the Eurozone; this level being the 38.2% fibo line on the daily chart.
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Since then, we have seen some rebounding following a better retail sales number; testing the 100 bar moving average on the 15 minute chart. If we run into resistance here we look back to 1.3159 at the target; 1.3211/1.3222 to the topside.
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USD/CAD testing 200 hour moving average

The pair has traded continually higher through out the night as we have seen risk aversion in the market correlating with lower equities in Asia, Europe, and the Dow currently poised to open lower as well. Currently the USD/CAD is testing the 200 hour moving average with a full hourly retracement at .99845 being the next bullish target.
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Bobbys Corner-Open Market-March.5.2012

Good Morning:

In a surprise comment by the Chinese Premiere Wen Jiabao-China is lowering their growth target for 2012 to 7.5% from 8%.  Growth in China was at 9.2% in 2011, and 10.4% in 2010.  They have also set a 4% target on inflation.  With the euro zone crisis keeping global economies slow, the world’s 2nd largest economy expects their export sector to slow even further.

On the heels of these comments-Asian equity markets dropped, European  stocks are lower, as are US futures.

Gold, Silver and most commodity markets dropped-as China is the largest user of raw materials.

WTI is mostly flat-while Brent is a bit higher.

Should we speak about The Euro Zone- sure why not!

New reports show that if Greece fails, it could cost upwards of 1 trillion euros-WOW!

Spanish regions (Catalonia and Andalusia) balk at new 2012 deficit targets-no surprise there.

German Finance officials let it be know at last Friday’s EU Summit that they have run out of patience.

USD/HKD finally rallying after breaking through this trend-line
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OIL/USD rally cut short due to new resisitance line.

oil/usd rally was cut short due to this trend-line now providing resistance for the pair.