Tuesday, 6 March 2012

Action Forex

Action Forex

IIF warns Greek default might cost Eurozone 1 trillion euros

Posted: 06 Mar 2012 07:45 AM PST

According to a report obtained by Reuters, the Institute of International Finance considers a possible Greek disorderly default as extremely harmful for the Eurozone. In a document from 18 February the banking trade group warned that such an event would result in Italy and Spain seeking external aid in the face of the threat of contagion. They estimated that the damage to the Eurozone would amount to 1 trillion eu

AUDUSD traded in a range between 1.0596 and 1.0855

Posted: 05 Mar 2012 07:41 PM PST

AUDUSD traded in a range between 1.0596 and 1.0855 for several days. As long as 1.0596 key support holds, the price action in the range is treated as consolidation of the uptrend from 0.9861, and one more rise towards 1.1080 previous high is still possible. One the downside, a breakdown below 1.0596 will indicate that the rise from 0.9861 has completed at 1.0855 already, then the following downward movement could
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