Simultaneous Release at www.thegeekknows.com
Rain fell on the bulls’ party today and cut short the post RBA rate hike party.
The currency pair has slipped from the 1.47+ to the 1.46+
It is amazing how the opening of the day hangs around the intersection of the steep trendline and the 1.4719 previous high.
I love it when my charts become a work of art!
Likewise, the S&P 500 appears undecided today as well and is a doji for now.
Technical resistance of 1060 serves it’s purpose currently.
Oil retreated back to the, yes you guessed it right the $68+ levels while gold remains defiant at the $1044 heights.
While the bulls and bears lock in mortal combat ( We are talking about countless of margin accounts here ) for now, i have read disturbing views, well at least disturbing for me, that the break of the currency and equity correlation seems to be happening.
In short, in future it may no longer be ” S&P 500 is up today, we may see buying pressure for the EUR/USD ”
I guess when the time comes for a tearful farewell to these 2 market instruments , i will just have to take it in my stride and find new clues. Sob.
1.4719 is a well fortified area after all and the bulls may expect resistance here again.
Any bearish advance will need to break today’s S1 at 1.4660+,
These days, the commodity currencies apparently seems to be leading the battle against the US dollar.
Hence watch out for their cues to begin advance or retreat. They may be a possible leading indicator for now.
I day dreamed today. I imagined myself having a beach house. The sun is great and no worries when it comes to making ends meet.
The sounds of waves are wonderful and i have a pet koala or two.
You know what? DREAM ON.
I think statistically, i am more likely to get a margin call than this dream of mine.
You can visit my blog for more EUR/USD and forex articles.
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