17:58CET
The Columbus festivity in the US, Canada and the Bank Holiday in the UK have brought extremely low volumes compared to what we had just been seen in the weeks before. This, however, is something which I particularly welcome, because it basically means that technical money, that of retail speculators and mid-cap firms, is dominant in the market, and some of the signals that may be appearing as a result of their interaction should be noticed. That said, whatever the USD gains on Monday, as a practical rule, it loses on Tuesday, so tomorrow is the key day in all this monopoly mess. It is a key day because it will confirm or deny the moves seen today, will give validity to the moves initiated by the techs, or it will not. And that takes over 24h to be completed, so far from being technically-happy with the current market environment and state of things. The Euro is piercing the daily steep support line that has kept a madness rise steady these past weeks, and a close below 1.3885 should serve as a confirmation. Likewise, Cable is breaking a support/magnet line @ 1.5895, and a daily close below the level would also confirm it. USD/JPY might be about to trigger a reversal candlestick pattern, but that is wishful thinking on my part for now...as for the Swissy, not much happening there, I thought of it as a possible leading indicator, just to find it lagging and only moving a touch higher, not performing as well as other majors....like the AUD, but oh well, that one is correlated with the damned Gold, and as long as 1340-1350 are not broken on that ridiculously and artificially manipulated instrument, the AUD will be underpinned and will continue to show muscle. But tomorrow holds perhaps more than one key.......Posted via email from MT4
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