Simultaneous Release at www.thegeekknows.com
Good Wednesday to all!!
To our US koalas, HOW I WISH I AM HAVING A HOLIDAY TOMORROW TOO.
sorry pardon my emotional outburst.
Taking a look at the EUR/USD, we set a new high record today! 1.5095.
Switching over to the S&P 500 for clues, we can see that it has once again reached the top of its range. With the better than expected new home sales data in US, we may see renewed risk seeking sentiments. Read my article on why home sales is good for the economy if you are unsure.
Oil remains depressed at about $76+
Gold currently stands proud and tall at $1180+. There seems to be no holding back and i have heard traders speculating about reaching $1200 soon. To find about the possible reasons why gold is raising, do read my article on that.
Now what exactly cause that US dollar weakness? Remember i warned about the FOMC meetings yesterday? Traders possibly took certain comments made as signs of reluctance by the FED to raise interest rates. One example reported was FED officials saying that the current likely hood of problems caused by extremely low interest rates remains low.
I said in my previous EUR/USD Weekly Review that positive news / comments may send the currency pair on another test of the 1.5000 strongline and indeed it has. There seems to be nothing fundamentally concrete to argue for a bearish scenario for this pair as of now. Do note however that noise do happen and the dips we see every now and then are normal. This is why proper money management is very important should you get into the wrong train.
Once again, be reminded of the US holiday tomorrow and be on the look out for profit taking if any.
Bullish momentum may strike at the 1.5100 line while the bears may attempt to regain loss ground at 1.5000.
I am buying a new computer soon and i think i will be getting a big lcd monitor to view my fanciful charts on!
By the way, folks following me for sometime, did you notice that i never talk about BattleForge these days? Yes ok you got it right.. my PVP records are so shameful that i refuse to play until i can get my act together! A 10 year old kid called me a noob
Trade safe !!!
Read more Forex Articles and Views by The Koala at www.thegeekknows.com