Simultaneous Release at www.thegeekknows.com
Good day to all !
We are nearing Xmas and happy we are
The EUR/USD bears are happy too as the currency pair hit as low as 1.4260 !
Over at our sentiment clue the S&P 500 once again approach the top of the range at 1120. Any decisive break above from here may signal a new phrase of market sentiment warming.
Oil in the meanwhile remains around $73+
Gold our winner turned loser is now currently trading around $1097+. At it’s current rate of descend, it seems to suggest that the market in general feels upbeat about the conditions and hence are selling gold in search for higher yields. If you want to find out more about the relationship of gold and the economy, be sure to read my article on it.
The EUR/USD started to become bearish around Dec 09 and yet the S&P 500 remains relatively unshaken. This may be a start of the Fundamental Theme i have been talking about whereby a good economic performance from a country tends to benefit it’s currency and equities as investors flock to grab a piece of the action.
One note of consideration for you my koala readers is that in forex, we must consider all possibilities. As we are approaching year end and the US Dollar strength seems to have started right around Dec 09, we may be seeing a classic case of profit taking by currency traders. If indeed so, once the new year begins, we may need to further analyse for new trends.
It is important to always trade the chart and not stay fixated to an outdated trading theme.
Bullish relief may bring us back to 1.4362+ and 1.4400.
Further bearish conquest will test the support of 1.4260 again and 1.4200.
We have the upcoming US Existing Home Sales report. Home sales are crucial to an economy and hence be a lookout for reactions to unexpected data.
I am back from my travels and i thank you for the patience shown while waiting for the usual articles. I am rested and more than ready to take on the kangaroos!
Trade Safe my buddies.
Read more Forex Articles and Views by The Koala at www.thegeekknows.com