EUR/USD Daily Review 29 Jan 10

 @ibtimes
on January 29 2010 12:15 PM

Simultaneous Release at www.thegeekknows.com

Helllllllo Friday and Koalas!

It is time for the close of the week and the month.

Have you closed your positions for the beer money?

The EUR/USD brushes off the trendline and arrives at the support of 1.3880 like clockwork!

This calls for a ILIWMCW. ( Regular koalas will know what am i saying :) i know you love it )

The S&P 500 obtains some relief for now, springing back into the 1080/1100 range.

Oil remains around $72, indicating that the global economy probably isn’t going to crush soon :P

Gold on the other hand regains it’s title as the biggest winner turned loser. Pressure from the strengthening USD probably sparked a sell off. Current it values at $1075+

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With the Fed Chairman Nomination Vote out of the way and the US Advance GDP coming in much better than expected, a short rush of positive sentiments surrounds us. Looking at the S&P 500 going green and the US dollar having a party, today is probably a traditional day. IE. Fundamental concept whereby a good economy release benefits the country’s currency and equities.

With oil hanging above $70 for now, the global economy is probably not in a state of a financial crisis again. Oil is an universal commodity and can be a clue to the global economy health.

Do note that we are having the World Economic Forum annual meetings this weekend and hence leaving trades open over the weekend may bring exposure to unusual volatility. Do have proper money management.

Bullish pressure may bring us to 1.3940 while bearish momentum may continue on to 1.3800.

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I had a flu jab yesterday! Regular koalas will know that i am a rather sickly koala and i hope this jab helps. Stay tuned for my EUR/USD Weekly Review and some surprises over the weekend :)

Read more Forex Articles and Views by The Koala at www.thegeekknows.com

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