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Market Wire Update: Wrapping Up The Q3 Earnings Reports Market Wire Update: Wrapping Up The Q3 Earnings Reports - Nov 23 09 2:45 EST
The major currencies (Gbp, Eur, Cad, Chf, Aud) have all flat-lined against the dollar in their near-term momentum reads, and that indicates the global market place has found fair value on the Usd. The dollar index (75.60) has weekly chart resistance at 76.00, with a close above that area this week indicating that overseas holders of U.S. debt are stepping in to protect the slide in their Usd based reserves. The Japanese yen remain robust, and the only currency that has the dollar in a short trap, but until the major pairs start to find sellers, the yen may struggle to move much lower. Forex valuations all now comes down to where equity markets trade. The 1095 resistance and 1082 support areas are both crucial price points on the S&P. Long equity trade will allow a short test of Usd valuations, while a weak equity market may allow 76.00 on the dollar index to be breeched. Lots and targets: Reduce the exposure and expectancy with smaller lots and smaller targets in Monday trade Dollar Index: The dollar index went into Neutral mode on 26th Oct and has held that trend since, with the recent moves to go short not being easily able to hold. The near-term path of least resistance is long if equity markets do not find buyers. A weekly close above 76.00 will be a bullish Usd signal. Swing Point: 75.90. S&P Futures: The S&P futures market confirmed a Long momentum read on Nov 11th and has built a solid near-term support base around 1080. The 1100 area will be a major resistance point to battle this week. Swing Point: 1095. Crude Oil: There is still a very flat momentum read to crude oil trade, that has been in place since 6th Nov. There are buyers at 76.50 support, and sellers at 80.50. The 81.05 area is the topside number to breach. There is a lot of trading noise at the 78.50 area, with 75.50 looking to be solid support. Swing Point: 78.00. Gold Bullion: Gold signaled long on 3rd Nov and has easily held that mode. 1105 is near-term support, backing any long tests of 1150. As the market trades long gold as a hedge, it seems that the gold bugs will be happy. Swing Point: 1135. For a forex proprietary news feed for your site, contact us. Written by TheLFB Trade Team, © 2007-2009 LFB Services, LLC. All rights reserved. |
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