Good day to all!
I hope you enjoy the guest post by my Koala buddy Masoud. I hope he continues to provide his opinion as that we can all learn together!
The EUR/USD continues to range around the 1.4500 line. Ok folks, caution. It has being a while since i shamelessly boast. I LIKE IT WHEN MY CHART WORKS!!!
It seems like 1.4480 does have a supportive effect on the price so far.
The S&P 500 suffers from some bearish momentum at the moment. However do monitor it as the positive Australian employment release may bring the sentiments up.
Oil has fallen below $80 and is currently around $78+.
Gold has recovered from the lows of $1110+ and is currently at $1138+.
The US retail sales and unemployment claims brought disappointment. They fell short of the estimates. We know that these figures are important but why have we yet to see a dramatic shift in momentum?
Ah this is the beauty of the financial market!
While it was pretty much expected that the EURO minimum bid rate would remain at 1%, it was the resulting conference that shed new light on the EURO’s direction. ECB’s Trichet says that interest rates are “appropriate.” Investors probably saw this as an indication that interest rates probably wont be raised anytime soon!
So now we have an uneven economy performance over at the US and a possible indication by the ECB that interest rates may not be raised soon. Either way, it does not seem all too good. This probably explains the “lack” of action now.
Tomorrow brings us more important news such as US’s Core CPI.
Bullish pressure may see us testing 1.4520/65 again.
Should the bears break through the support, we may find ourselves at the gates of 1.4445/00.
Tomorrow is Friday!
Have you made your plans for the evening parties? Or perhaps the much waited dinner with your family? Tell me all about it For me, i will probably be working over time. BORING.
Trade safely and always remember to have proper money management.
Read more Forex Articles and Views by The Koala at www.thegeekknows.com