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Tomorrow is NFP day. Be careful. Be VERY careful.
And Goooooood day forex trading koalas !
Yesterday was a crazy work day for me and so is today! I mentioned that China is conducting her own stress test for her banks, and the market is probably apprehensive about this. The economic influence of China is strong and any undesirable development will probably affect the global market.
Looking at the EUR/USD chart above, the currency pair is still ranging around the 1.32 line. The support turned resistance is definitely putting up a fight.
The S&P 500 is seeing red for now due to poor sentiments.
Gold is close to $1200 for now probably due to the weaker US Dollar.
The US unemployment claims came out worst then expected. This suggests that the job market remains fragile and investors fear this may drag the US economy down.
On the contrary, the Euro enjoyed a day of positive news. German factory orders were better than expected. This may be the result of a weaker Euro. A weak currency may help a country at times.
As i mentioned previously, these constant tug of wars between the zones will be more of the market punishing the worst off economy rather than the market rewarding the fundamentally performing one.
The US Treasury Secretary Timothy Geithner is due to speak later and hence be careful of unexpected spikes. The US Non-Farm Payroll is due tomorrow too and extreme caution is advised. The Koala does not recommend trading during this period unless your trade is a long term position that has the proper planning and money management.
I have an interesting thought today. Nowadays, everyone seem to be helpless without a mobile phone by their side. Having said so, a mobile phone is a relatively new invention in human’s history. Now how did our ancestors survive then previously? LOL
Technology… A boon or bane?
Trade safely !
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