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Good day koalas!
After the test of 1.3455, the EUR/USD soars towards 1.3680. I love it when my chart works.
The S&P 500 remains bullish. Investors seem optimistic.
Oil is currently trading at $78+. As we approach $80, a close above that may indicate a new phrase of economic recovery as oil can be a clue to the global economy’s health.
Gold is valued at $1137+ at the moment.
The economic data for today is generally good. This probably set the stage for positive sentiment. Although the US ADP Non-Farm Employment Change came in lower than expected, it is much better than the previous release. Investors probably saw this as a sign of improving times and increased their risk appetite.
The US ISM Non-Manufacturing PMI was better than expected. Being termed as a leading indicator for the economy, this suggest positive developments for the US economy.
The Euro Zone did pretty well today too with the German Retail Sales coming in better than expected. Furthermore, it was reported that Greece passed measures today to cut spending. This includes cutting the bonus salary of civil servants and raising the main value-added tax. Greece is a big concern and hence any relief or even the possibility of a relief brings about a magnified reaction of positivity.
Tomorrow brings us important releases again. For exampe, the ECB will announce the Minimum Bid Rate and the press conference may produce volatility as traders scan the comments for hints of future policies. The US will also release data such as their Pending Home Sales and Unemployment Claim.
Watch out for unexpected results and practice proper money management.
Bullish pressure may test 1.3680 again, followed by 1.3740.
If the bears decide to make a comeback, we may see 1.3600 followed by 1.3550.
Koalas, i am requesting for feedback . . . will doing the daily reviews in the 4hour time frame be better? Remember that my site is only good if it helps you koalas and hence do feel free to let me know.
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