Latest EntryJun 20, 2010 Others Leave a comment
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May 19, 2010 Make Money Online Leave a comment
The last few days I have talked about a reversal. Not a “catch a falling knife” trade, but I do expect a bounce at some point and with major lows taken out and a rally back above, it appears prudent to be aware of a potential reversal and not get married to the short.
Yesterday I mentioned 1.2450 as a level that if surpassed could trigger some bullish action. I does not mean a straight up shot after that, but it would indicate that the Euro is seeing some more aggressive buyers coming in. On Wednesday we approached that level on a significantly strong day for the EUR which produced a bullish engulfing pattern. Read More..
May 19, 2010 Others Leave a comment
May 19, 2010 Make Money Online Leave a comment
The EUR/USD’s temporary bottom gave way yesterday as the dollar appreciated across the board after Germany surprised markets by announcing it is suspending short selling on government bands and on the shares of 10 major banks. The move caught investors off guard and resulted in speculation that Germany is preparing for an approaching storm. However, this may be an overreaction since Germany is echoing the decision the U.S. made to ban short selling on financials following the collapse in 2008. Hence, Germany is likely just covering all of its bases due to abnormal fiscal strains in the union. Regardless, the decision sent shockwaves throughout the markets and the EUR/USD nearly touched 1.21 as a result. The currency pair is posting a solid pop today, climbing back above 1.23 after U.S. CPI printed below analyst estimates. However, Merkel has made some troubling comments over the past 24 hours, most notably that Germany will push for a measure that will create a process for the ‘orderly insolvency’ of member nations which fail to meet EU economic standards. This battle is worrying because if an EU nation were to be ejected from the union in the future the Euro may feel the brunt of the pain. Merkel’s hardline stance shows she is probably feeling the heat from losing her majority and wants to show citizens that they will not simply foot the bill for floundering EU countries. Meanwhile, although today’s bounce is encouraging, the momentum clearly remains to the downside until there is a significant, game changing development. The EU was quiet on the data wire today, leaving the Euro in the hands of psychological forces. Although Germany will release its PPI tomorrow, attention will likely remain focused on fiscal developments and psychological forces. Read More..
May 19, 2010 Others Leave a comment
5/19/2010 – AUD/USD – Substantially bearish price action on AUD/USD, a daily chart of which is shown, has finally broken down significantly below the sideways trading range that has characterized this currency pair since late 2009. This occurred today with a clean and swift breakdown below the 0.8600 price region, establishing a new 8-month low in the process. This range breakdown potentially opens the way for the beginnings of a possible new downtrend. A key downside support target for this breakdown resides around the 0.8200 price region. The broken 0.8600 previous range support should now serve as tentative upside resistance within the context of the strong current bearishness. Read More..
May 19, 2010 Make Money Online Leave a comment
Trading during the past period has mostly evolved into speculation on investment assets, debt instruments and several metals. Speculation has taken the form of open selling for profit-taking. Precious metals have lost some of their value due to profit-taking and lack of speculation in their market.
Fear crept back into the markets concerning with the Greek crisis and large deficits in several other European countries. American stock markets slipped yesterday, while today Asian markets trailed their bearishness. The Dow Jones closed with a loss of 1.08% while Nikkei dropped 0.54% today.
Commodities showed no unity as S&P GSCI fell slightly by 0.43 points and closed at 486.96. Demand on oil dropped with declining prices, as crude continues its steep downward movement for the seventh consecutive day to trade around $68 per barrel.
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May 19, 2010 Make Money Online Leave a comment
Current level – 1.4340
The pair is in a downtrend after peaking at 1.7042. Trading is situated between the 50- and 200-day SMA, currently projected at 1.5190 and 1.5986.
The recent test at 1.4249 provoked a minor consolidation phase, which is expected to be limited below 1.4405 before next drowning towards 1.4130 target area. Trigger on the downside is 1.4275. Read More..
May 19, 2010 Make Money Online Leave a comment
Current level – 92.03
The pair is in a broad consolidation above 84.78 short-term low. Trading is situated above the 50- and 200-day SMA, currently projected at 92.15 and 91.32. Read More..
May 19, 2010 Make Money Online Leave a comment
Current level – 1.2198
EUR/USD is in a downtrend, after peaking at 1.5146 (Nov.25,2009). Technical indicators are descending, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.3458 and 1.4206.
As expected, all the tests in the 1.2440 area failed and the pair suffered a severe sell-off to 1.2143. Although we do think, that the slide from 1.2440 is the last leg of the downtrend from 1.3097, the bias on the lower frames is still negative and favors continuation towards 1.2050-70 reversal area. Current rebound above 1.2143 is expected to be limited below 1.2270-80 before next leg downwards, to 1.20+ sentiment zone. Read More..
May 19, 2010 Others Leave a comment
This week the bears yelled ‘sell’ when prices dropped below the ’08 lows, thus breaking the rising sequence of peaks and troughs, intact since ’00. This represented a technical tipping point.
Whilst prices currently have found support on the 50% Fibonacci line from the ’00 bull market and may bounce there is little additional evidence for a reversal of any magnitude. Any rise might reach 1.24 before rolling over or if has legs go to the 1.33s.
There is a cluster of targets near to1.17 including the point and figure chart objective from the ’09 highs, old lows and the one third speed line from the ’00 rally. I would expect further downside to find support there. Read More..
