Simultaneous Release at www.thegeekknows.com
Good day to all.
Today is Monday. As usual a bluish Monday.
Watch out for a bad attitude from the Monday Blues Koala!
The EUR/USD is having the blues too. Continuing the bearish move since around Wednesday last week, it touches the 1.4700+ region.
Taking note of the circled area, the S&P 500 fights hard to break above 1110 and beyond. I warned about how sentiments may get tired previously and notice how the S&P 500 tested the 1100 line.
Oil is around $76+ now, well within the “standard” zone these days. This suggest that the economy may not be picking up as fast as believed for now.
You can read my recent article on oil and the economy here to understand more.
Gold the biggest winner now becomes the biggest loser! What goes up fast drops down hard too. It is currently at around $1142+. This may indicate that the risk averse folks who are parked in the safety of gold may be selling off for higher yields. Probably encouraged by the better than expected Non-Farm Payroll.
You can read about the clues that we can observe from gold with regards to the economy here.
While we got better than expected numbers from the Non-Farm Payroll, we must always take note of the bigger picture. Unemployment rate is at 10% and the number of banks in US to fall this year reaches 128. Mixed signals in the S&P 500 do suggest that not all folks are as ready to go all out for now.
Bullish momentum may take us for a test of the previous bullish trendline again at around 1.4920+ while bearish pressure may drop the currency pair to 1.4719+.
Many folks are calling this the turning point of the EUR/USD. Personally being the careful koala i am, i will monitor closely for further developments as important releases are due this week.
Furthermore, the EUR/USD seems to be fickle about the two main trading themes these days. To reward positive economy news with an US Dollar sell off due to risking seeking or an US Dollar buying spree due to confidence in the US economy? Things may be changing and we do not want to be on the wrong side of the fence.
Had a 13 hours day at work. This adds to my blues like whipcream to a cup of low fat coffee. TOTALLY WRONG!
4 more days to the weekends and the start of my year end vacation.
I will be traveling but my dedication to my task of delivering forex views in a shameless way remains so strong that i will be tugging along a laptop. Only for you koalas. *yay! *claps! *whistles! *tears of joy! Thank you Thank you. I never knew you koalas love me and my blog so much.
Alright enough of self consolation for now x 100 TrAdE SaFe !!
Read more Forex Articles and Views by The Koala at www.thegeekknows.com