The market is in ‘pull-back mode’ after the USD broke key supports vs. JPY and EUR on Wednesday. The reason is probably Thanksgiving and the thin and spiky market conditions towards the weekend. We will be careful and not read too much from the technical developments in this time span,…
Monthly Archives: November 2009
Gold Trades Above $1195 As Last Dollar Supports Give Way
A new day, a fresh round of USD-selling, and another record high for gold. The unrelenting momentum of gold’s rally has surprised many people, re-igniting chatter about the possibility of a bubble or blow-out reversal. But while the 26% rise in the past 3 months is still impressive, compared to…
Bearish Gbp/Usd
The pair went into Long mode on 16th Nov and has held that momentum read. The flows of sentiment from overbought to oversold are readable, and reliable, and are right now overbought. The price action is in a sideways channel, but the near-term trend has allowed the tests of support…
Equity Sell-Off Empowers The Dollar Bulls
Overall, the sell-off from the equity markets had a major influence on the pound and on the aussie, but interestingly, it had only limited effects on the euro and swissy. Driven by risk-aversion, the yen broke below the 86.00 area, to reach the lowest value since 1995. Thanksgiving Day has…
EURUSD: Clears The 1.5062 Level, Corrects
After exactly one month following its loss of upside momentum at the 1.5062 level, EUR was seen decisively breaking through that level on Wednesday as well as the 1.5082 and the 1.5100 levels to close higher at 1.5132. This victory and its medium term resumption is coming on the back…