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Hey buddies welcome back!
How was the Christmas weekend? Hope you spent some quality time with your loved ones
The EUR/USD continued with it’s bullish momentum in light of the low volume. It is facing a strong resistance now, the major line of 1.4400.
In the meanwhile, the S&P 500 continues with a bullish run of it’s own. Today’s optimism may be riding on the report of China’s better than expected economic growth this year.
Oil has risen to the $77+ region. A break of oil above $80 may indicate a new phrase of recovery as oil demands increase.
Gold is currently around $1105+, down from the heights of $1200+. The previous great demand for gold seems to have stopped for now as the world grows to be more positive with regards to the economy.
Tomorrow brings us the likes of German Prelim CPI and US CB Consumer Confidence on the economic release menu. As i mentioned previously, we are threading on low volume here and hence spikes may occur easily.
Bullish forces probably need to pound the 1.4400 hard before it gives way for the 1.4445 region.
Bearish forces may attempt a drive towards 1.4362 region again.
Be reminded that resistance and support lines are never a single pip and hence do factor in your allowance.
The week ends early for the New Year holidays and hence do protect your profits and trade safely. Don’t let a margin call ruin your holidays.
I was looking at some data on my site usage and find that most folks only read the reviews. Nothing else. While i do respect your choice of reading, i will like to urge you to read the other sections like Forex Education for a deeper understanding of the forex market and The US Dollar’s Fall for my case studies on the weakening US Dollar. I always believed that to be a real geeky forex koala, one must know and understand the market well.
Cheers and trade safe !
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