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Good day to all.
HAPPY MONDAY BLUES !!!
Sing together now ! ” I’m blue da ba de da ba dine da ba de da ba dine ” !!
Looking at the EUR/USD, we have arrived back at prices from 2 weeks ago.
Similarly for our market clue S&P 500, correlation indeed!
1080 is a strong resistance and should we make past this point and hold, 1100 may be opened for testing. This should add strengthening pressure to the EURO as risk seekers exchange their US Dollars for higher yields.
Oil is now at $77. It seems to be ranging for some time now around $75 – $80. This may suggest that the economy has not really picked up yet and hence any dips may trigger risk aversion.
Gold remains our winner, currently at $1106. I heard reports from China / India buying it to simply the weakness of the US Dollar driving it’s prices up. This may add more weakness to the dollar. Be careful of a bubble though.
The speed of this bullish run suggests that risk appetites are high. Perhaps urged by the G-20 meetings or maybe the good German Industrial Production numbers.
German ZEW Economic Sentiment is up tomorrow and good numbers may push this pair towards testing 1.5063+ the high from a couple of weeks back.
Any bearish developments may lower it down to test 1.4960+ region.
Be tight about following any bullish momentum though as there are important news around and no one can predict the outcome. A bad news may totally rain on the bull parade. Personally i am not a fan of holding longer termed positions around important lines or important news.
Hit and run will be my choice of trading during such.
I sprained my back today while bending down doing some work. I feel old !
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Trade safe !!
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