EUR/USD Slips

 @ibtimes
on November 03 2009 11:25 AM

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A Good Tuesday to you!!

How’s work? Try to like it alright. Unless your first million from forex is coming soon:P !

Now the RBA’s rate hike came and went. Nothing much of a positive sentiment to be gained from there.

Well we can’t blame anyone for this. Did you know 9 banks failed in the latest clean up in US bringing the total number of failed banks to 115?

Now that’s negative sentiment for you.

eurusd

EUR/USD dips further down towards 1.4600.

On a further outlook, don’t you agree it looks somewhat consolidating as well?

sp500

Our market clue the S&P 500 is displaying consolidation patterns too, currently hanging around 1040.

As i mentioned earlier, this week is full of news, including NON FARM PAYROLL !!!! Ops i did it again. Apologies. While traders wait for more news, we will probably not see any major move.

Oil is currently around $76 and gold.. GOLD? OH MY $1076+

Reports of the Indian Central Bank buying gold from the IMF to diversify it’s foreign reserves may have sparked speculation or panic buy towards gold.

As gold and the US dollar are usually inversely correlated, we may see more US dollar weakness

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Notice that the price is close to 1.4665? This is one of the lines on my alert list and we may see the currency pair interacting around that area.

If the S&P500 continues to consolidates while waiting for more news, we may see similar movement in the EUR/USD.

Bullish attack may need to overcome 1.4719 before further advance while bears have 1.4665 and major line 1.4600 up next.

Do keep in mind that CIT’s failure is not to be taken lightly and be prepared to evacuate your positions when necessary.

Add to that alertness an extra strong dose of proper money management and you should be fine.

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I saw the moon today! It is bright and very round today. It reminds me of the night and the night reminds me of… TWILIGHT ! Are you going to catch part 2 of the series at the movies?

I thought that the first movie was good. Interesting and stylish in it’s own way.

Trade Safe!

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