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1 day down, 4 more to go! 2 more for our US friends though as Thursday is a holiday for them!
Looking at the EUR/USD, the ranging theme seems to be in play from a technical point of view as the price bounces off 1.5000 after testing it yesterday.
Likewise for the S&P500, it eases off towards 1100 after hitting 1110+ yesterday.
Fickle minded oil in the meanwhile has fallen all the way towards the bottom of the range. It is currently around $76.
While gold has retreated from the high of $1170+, it holds it’s ground at around $1160+ at the moment.
While the German Ifo Business Climate turned out better than expected, it apparently did little to support the bullish push above 1.5000. This suggests underlying bearish sentiments and the slightly lower than expected US releases like the Prelim GDP, contributed to the bearish clause.
There will be a US FOMC meeting minutes release later and do be careful of unexpected moves as traders digest and dissect the minutes for clues to momentary policies.
Unemployment Claims for the US is due tomorrow and we all know that sentiments can get all worked up when jobs are concerned.
Remember i mentioned in the beginning of the article that it is a US holiday this thursday? Tell me this. What will most folks do when they have a working day between 2 holiday days? They try to get an off day from work and make it a long stretch of holiday!
Considering this, we may see some profit taking madness this Wednesday as traders prepare for a long stretch of holiday. I doubt anyone would feel at ease to leave an open trade over 4 days!
Bullish attempts may test the region of 1.4950/60+ before taking on strong line 1.5000.
Bearish crusades may test 1.4910+ before targeting 1.4865+
My cough is not getting better!
I am clocking around 5 hours of sleep per day and this is bad. I am sure you do know that koalas need more than 10 hours of sleep a day!
Oh by the way, have you watched the movie 2012? I wonder what effect will such events have on forex. Extreme safe haven demands? Ohhh USD Index jumps to 1000? Or perhaps gold shoots up to $10000.
My favorite, the aliens finally make first contact, proving Mulder right and demanding an exchange rate of 100kg of gold to 1 unit of alien currency. GG.
Trade safe alright?
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