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A great Tuesday to you!
Time for a Koala who is too full of itself.
I simply love it when my chart works! The EUR/USD made it’s way up earlier to test the resistance 1.4480+ i mentioned in yesterday’s daily review.
Looking at the S&P 500, it is currently in the green and it reminds me of the good old days whereby the relationship between the S&P 500 and EUR/USD was apparently clearer. Next stop may be 1140 and let’s watch out for it.
Oil seems to be benefiting from the cold weather and it remains above $80. I mentioned often that if it takes off from $80, a new phrase of recovery may be here. Let’s see if this can be sustained when the cold weather blows over.
Gold in the meanwhile looks set to reclaim it’s title as the big winner. The weakening US Dollar has it hovering around $1120+.
While the US pending home sales came up rather bad, the reaction was surprisingly mild.
Well i always said that if you want to try to make money in forex , you need to do your homework! Apparently during that month ( November ) the report was for, many folks held back to purchases as they were waiting for an extension of a tax credit for first time buyers. The big boys probably did their homework and expected the report to be rather bad and hence that may be why apparently no adverse reaction was seen. Besides that, this report also shed some light that home sales may be affected when tax incentives finally end. Considering this, the economy may after all be not as positive as one might imagine.
Home sales is something we need to pay attention to as it is important to the economy.
We have important releases tomorrow including the US ADP Non-Farm Employment Change. With the bad employment situation in US, employment related releases may be a touchy subject for folks and hence we need to be prepared.
Bullish pressure may bring us a test of 1.4445/80 again while further bearish assaults may bring us to 1.4400 and 1.3962+.
Remember, proper money management may be the only holy grail to make money in Forex.
My 12 hours work days are starting again! NOOOOO. I can no longer laze around, hug my tree, play Left 4 Dead 2 … arrghh the list goes on.
Sometimes i wonder.
Is society / modernization good after all? If things are back to the basics, perhaps one may no longer have the fear of being jobless or penniless. Basically just live off the land.
Sounds good? Trade safe koalas.
Read more Forex Articles and Views by The Koala at www.thegeekknows.com