$EURUSD – critical area:
Currently we are at 1.2942. The cross Pulled off the Down Trendline that coincides with the .382 fibo and we are starting wave 5 to the downside starting at the 1.3458 top. A set of Twinds confirms the close and reverse here. The down target is the 1.2785 support followed by the 1.2733. The overall target is the S7 @ A 1.2564. The average daily range for the cross is just 89 pips.…Continue
Added by Scott Barkley on December 31, 2011 at 7:36pm — No Comments
We are not in the era of 70’s or 80’s. In the early 70’s USD was clobbered as President Nixon decided to cancel the direct convertibility of USD to gold that essentially ended the existing Breton Woods system of international financial exchange. Until then gold was fixed at USD 35 per troy oz. Then, one USD would fetch yen 360, GBP 0.42, Swiss franc 4.30, and Deutsche mark 3.60. Today, the parity versus is YEN 76.87, GBP 1.5545, CHF 0.9389 & EURO 1.2955.
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Currently we are at 1.2992. The cross is still showing lots of bearish signs and we are approaching a critical area on the 240 chart. A bounce on the Down Trendline coincides with the .382 fibo and would start wave 5 to the downside starting at the 1.3458 top. Down target is the .618 Fibo and S6 @1.2944. A break of trend line north has an immediate target of the 1.3050.The average daily range for the cross is just 89 pips.…Continue
Added by Scott Barkley on December 30, 2011 at 4:53pm — No Comments
The Euro continues to lose strength against most of its major counterparts before manufacturing data scheduled for release next week is expected to show declines for the Eurozone as a whole. Yesterday, the main story for the region was the Treasury Bond Auction in Italy failed to inspire much interest and this is doing little to prop up equity markets and the EUR/USD, which is now trading below 1.2950 and the EUR/GBP now seen below 0.84.
In the UK, macro data will come in the form of…Continue
Added by Henry Daniels on December 30, 2011 at 4:43pm — No Comments
I just got a letter from Amex about a new fx service they're offering. They mention $0 transaction fees, membership rewards points with every transfer, and a big bonus after the first transaction. Demo looked good and I think it has realtime quotes too. Has anyone tried it? The link in the letter was www.amexb4b.com/fxipoffer/
I'm pretty new to this so I'd appreciate any insights you folks…Continue
Added by Bob on December 30, 2011 at 4:04pm — No Comments
Today was the last trading day of 2011 and EUR will close below the 2011 opening and also below 1.30 level. Two months of continuous fall took us finally below the 1.30. On weekly we have also broken the positive Ichimoku and we have made a double bottom formation around 1.2850-70 support, which is also the 261.8% fibo from 1.4670. In fact i can say that this was all as expected, nothing special has happened. The things will become a lot more interesting on a weekly close below that…Continue
Added by Vladimir Mihaylov on December 30, 2011 at 2:29pm — No Comments
Euro dollar is sliding in range, after recovering from a new year-to-date low. Last minute adjustments are made before another long weekend. The echoes of the weak Italian bond auction will likely be heard also in 2012.
Here’s an update on technicals, fundamentals and what’s going on in the markets.
Added by Yohay Elam on December 30, 2011 at 9:50am — No Comments
A few years ago, most retail trading was concentrated in shares and currencies. Commodities and precious metals like oil or gold were for experienced and professional traders with large portfolios. Most of the action in the commodities markets was carried through futures exchanges, and trading was in large lots.
Nowadays things are changed. Commodities are traded everywhere and spread betting traders don’t miss a chance to have some oil lubricating their portfolios.…Continue
Added by Henry Daniels on December 30, 2011 at 9:30am — No Comments
Gold continued to decline yesterday, while silver changed direction and slightly rose yesterday. Both precious metals didn't do well in recent weeks, but what is up ahead for gold and silver on the last business day of 2011? Will there be a correction to the recent downward trend of precious metals? Today, China's Manufacturing PMI report will be published.Continue
Added by Lior Cohen on December 30, 2011 at 8:56am — No Comments
i thought i would step out of my comfort zone and possibly try a 1 hr chart trade. the market has retraced on the 1 hr chart in a generally downtrending market. there is an inside bar on the 1 hr chart. i will enter on a break down on the mother bar. if the market goes above the motherbar the entry will be negated.…Continue
With everyone being so bearish on the Euro and genrally bullish on the US$, it is worth noting that the Dollar Index (DXY) is sounding some warning signals.
The divergence that is building on the daily charts is not suggesting that the weakness that we saw in the US session is necessarily going to be repeated in sessions to come.
Similarly the Euro looks to have more or less reached its channel objective, as per the chart, so be wary of a decent bounce with SL building above…Continue
Added by FX Charts: www.fxcharts.com.au on December 30, 2011 at 12:27am — No Comments
Equity markets in Asia are showing losses for the third day in a row and this is putting upward pressure on both the US Dollar and Japanese Yen, with EUR/JPY reaching 10-year lows overnight and European bond yields reaching new highs. Despite this diversification away from risk assets, Gold is continuing its weekly declines but this is seen mostly as a result of US Dollar strength (as gold is priced in US Dollars).
The MSCI Asia Pacific Index was also lower and this latest move…Continue
Added by Henry Daniels on December 29, 2011 at 11:53am — No Comments
Going long today would be like driving a car on a motorway in the opposite direction. The only reasonable thing to do is wait for some pullback to re-enter short or may be even better stay out of the market!Continue
Gold and silver sharply declined yesterday along with the rest of market including oil, Euro, and major stock market indexes. The recent news from Europe including the recent rise in ECB's balance sheet to a record high €2.73 trillion, partly due to the recent lending to EU banks may have helped pull down the Euro. The concern that this expansion will…Continue
Added by Lior Cohen on December 29, 2011 at 11:48am — No Comments
GOLD @ $ 1536 – After comfortably hitting my weekly target $ 1538 gold is still under pressure. However I am now cautious and keeping an eye on $ 1510, which may not surrender today and should bounce back as I am looking for small correction, could test $ 1550 or $ 1562 with key level to watch $ 1578.
EURO @ 1.2892 may make another attempt…Continue
Euro dollar finally ended its consolidation and dropped sharply on fresh worries about a downgrade, the state of European banks and end-of-year flows. The pair is close to the year-to-date low. Will it set a new one in the last moment? Today we have quite a few US figures and another Italian bond auction.
Here’s an update on technicals, fundamentals and what’s going on in the…Continue
Added by Yohay Elam on December 29, 2011 at 9:43am — No Comments
Natural gas prices didn't recover from the sharp falls of past months and during December they also declined. Furthermore, during December natural gas prices have unperformed not only compared with recent months' prices, but also compared with previous years' price levels. One of the reasons is probably the late arrival of the winter, but it's only one aspect of the sharp drop in natural gas prices.
What is up ahead for U.S. natural gas prices during the first…Continue
Added by Lior Cohen on December 29, 2011 at 7:06am — No Comments
Based on candlestick pattern, DJI and SP500 got signal of lossing momentum.
DJI and SP500 needs more momentum to break the resistance zone respectively from 12187 to 12284, and from 1267 to 1300
Added by L. C. Chong on December 29, 2011 at 6:39am — No Comments