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Good Friday Koalas!!!!
i love Fridays. Finally i get time to read up on my forex.
Friday however is not the safest of day to trade though.
Seems like our ranging views are correct and the price tested 1.4800.
While the EUR/USD seems to be ranging, S&P 500 seems to be giving up it’s gains and it currently hangs around 1089+. Xmas comes early!!??
Gold has retreated to $1140, easing some pressure off the US Dollar.
Oil in the meanwhile hits the roof and has dropped down to $76+.
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While today’s sell off may be part of the usual ” i need money for the drinks at the pub friday night “, there may be more than meet the eyes.
It has been reported that ECB President Tichet commented that emergency cash will be withdrawn gradually by the policy makers. Risk seekers usually do not like such comments as this may signal the end of our “false” sense of recovery.
Bloomberg also reports that Federal Reserve officials are stepping up scrutiny of the biggest U.S. banks to ensure the lenders can withstand a reversal of soaring global-asset prices, according to people with knowledge of the matter.
Opening a potential can of worms is usually a no go for risk seekers too.
Risk aversion may be at work again!
Do note however, that the long term bullish trend line is catching up with the price as circled by me and therefore we may have an added techinical support boost.
Bullish momentum may bring us back to 1.4910+ again.
The bears may attempt to test 1.4800 again.
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I worked more than 12 hours today. What a way to end the weekend. Now that it is here, i am already counting the arrival of monday ! DARN!
More of the koala tomorrow ya? I am VERY tired now. Trade Safe and see you tomorrow.
Read more Forex Articles and Views by The Koala at www.thegeekknows.com
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