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Quote of the day: It’s not the hours you put in your work that counts, it’s the work you put in the hours. – Sam Ewing
EURUSD
Trading strategy: looking to sell at 1.3350, stop at 1.3410, 1st objective at 1.3300, 2nd objective at 1.3200
The market is calm ahead of the NFP release – one of the most interesting monthly events. The euro managed to recover and break above 1.3200 on 2nd attempt yesterday, after it was sold-off initially. Now the 1.3200 point is providing intra-day support and it seems stable, intra-day studies being bullish at time of writing. More upside action is likely, judging by what current charts suggest, but since it is the NFP day – it is better to wait for the market reaction on data release. If the euro will hold above 1.3200, next objective could be 1.3380, which is the median retrace value of last down leg from 1.3785 to 1.2970, but the short-term sentiment will remain bearish as long as 1.35 is not threatened. Selling on signs of weakness, either following a rally or a break down, is probably a good strategy for now. Current exchange rate is 1.3211 @08:32 GMT
Support: 1.3200, 1.3135/50, 1.3030/50, 1.2950/70 and 1.2900
Resistance: 1.3250, 1.3300 and 1.3380/00
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bullish
- EURUSD 4hrs forex chart 12-3-2010
EURJPY
- EURJPY 4hrs forex chart 12-3-2010
USDJPY
- USDJPY 4hrs forex chart 12-3-2010
AUDJPY
- AUDJPY daily forex chart 12-3-2010
Gold
- XAUUSD 4hrs chart 12-3-2010
Have a nice day and a great weekend!
im not sure that gold will continue upside in december… it was bullish 4 months in a row… (monthly bars)
doesn't matter much how long it was going up (technically), it will continue upside as long as the world economy is in trouble, the debt circus will move from one country to another and the money printers work at full speed.
Nobody wants to hold cash nowadays, nor invest in stocks. So what else except gold could be good for preservation of capital? Currencies? currencies are some of the worst instruments, on the race to devalue each of them.
We're still here because we can open and close a trade at random hours, on random days :)
But I wouldn't open a trade in FX to preserve my capital in the coming year.
As much as I hate gold, as an useless shiny metal, worth only as much as any metal that can hang around women's neck, as a capital preservation instrument it's the only one to have.
Correction time? hmmm, it already corrected during the last 3 weeks. It seems over
There are over 500 million women in India and they all love Gold
Also Christmas coming soon in the Christian world… many gold earrings, necklaces, ring presents to be bought
:-)
1400 breached, 1420/25 next then sky is the limit.
It seems that the market is already pricing in QE3 after the unemployment figure. If the fake 9.8% is so bad, imagine how bad the real number is…
Anyway, someone is busy printing more money and commodities enjoy it a lot.
That AUD/CAD trade that we were looking at the other day turned out to be a real shocker. Glad I did not take it. Too easy to take a trade on an easy breakdown scenario.
Gold and silver do indeed seem to be the easy trade. However, if millions of Chinese and Indians have been buying already, maybe now is the time they hold back on some more purchases and demand falls back a little, enough to give Gold and Silver a decent correction.
apparently gold is easy but turns out to be a real b*tch because it is VERY volatile. (Over)leverage a position a bit and a stop is taken out in minutes, no matter you're long or short, it slaps both ways. Really a killer on intra-day basis. On longer term, non leveraged, it is awesome (still). Yes, a bubble… but so far all the clues point towards more money printing, hence a gold bull market.
Is the gold bubble gearing up to burst? yep, it is not a matter of "if" but "when". But there's more upside before it does.
You don't know about a bubble going to burst from the economists but rather from the relatives, friends and neighbors. Count how many of them speak about gold being THE REAL DEAL nowadays and you know when it will crash.
It happened 2 years ago with the housing / real estate market :)
Everyone and his dog was buying every inch of houses, building flats etc.
There were like 20 real estate firms on every street and everyone was a real estate agent. :)
Are you going through Pitesti on your back Sun? Do you want to make a stop?
unfortunately can't stop because one of the passengers is the cat, who really hates travelling so it is a fast ride every time.
Sometimes I wish I had a dog :D