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ay forex traders. Good day forex traders.
Today is mid week and it is time to do a status check ! Are you green or not ?
Remember, slow and steady wins the race
Yesterday, we noted risk aversion as there were a number of negative developments in the markets. Firstly, housing starts in the US fell more than expected. Big name companies like Goldman and IBM posted lower than expected revenues. With the Euro Zone bank stress test results due on Friday, further apprehension was noted.
Looking at the EUR/USD chart above, a 20 +/- hours of battle against the strong support of 1.2880 finally concluded with a victory to the bears.
The S&P 500 is currently at 1080+. It is fluctuating as a mix of good and bad earnings reports is being released.
Oil is currently at $77+.
Gold increases in value and is now trading at $1192+. As gold is a popular investment during times of certainty, increasing demand may indicate risk aversion.
Today is rather light on data releases and it is reflected on the EUR/USD chart with the small range of trading for most of the day.
Having said so, the price seems to be shifting south ( Stronger US dollar ). This may be due to risk aversion as investors continue to speculate with regards to the release of the Euro Zone bank stress tests.
Fed Chairman Bernanke is due to testify later on and hence be careful of spikes.
Tomorrow brings a number of economic releases including the US unemployment claims.
From a technical point of view, a break of 1.28 may be more downside pressure for the currency pair.
Ok i am off to find Ms Sleep. I need more rest. Take care and trade safely !!
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