We now sit about 4 points higher on the SPX 500 (as of 8:45am EST). Yesterday we had Bernanke state that stimulus was back on the table. We have seen the USD decline as equities rally. When you print money, there is more available, which causes a decline in its value.
The EUR/USD has broken the 2011 October low and is creeping up to the 1.32 area. If it can continue its gains the next resistance may be the 100 day moving average coming in around 1.3386.
The AUD/USD is trying to break above the 0.764 fib. retracement at 1.06797. Commodity pairs tend to have a similar correlation to the SPX 500 and equities so be sure to watch this pair if it can break through the 1.07 area.
Keep in mind that tomorrow we have US GDP figures and Draghi speaking that may create some volume.
