Forex Market Commentary
The Dow took a tumble on a non eventful day with all traders now glaring at the calendar date June 17th for the Fed report and decision on interest rate policy. Monday's are usually frenetic and apart from the Dow shaving 107 points to close at 17791.17, virtually nothing happened in the FX and bonds markets let alone the two major commodities crude oil and gold bullion.
The FOMC rate decision that will be given on June 17 is likely to set off traders in directions. till then we have an eerie pregnant pause before the real storm begins. small traders would be wise to seek options cover on current positions and new entrants wary of high volatility that usually follows announcements like this with strong probabilities of whipsaw effects hovering just ahead. Day traders and momentum traders need to take real caution and watch for the tell-tale signs of institutional posturing before the announcement comes in.
On Bloomberg today Fed Chair Yellen has already snuffed out any presentiments of rate activity due to weakening economic date. Please read -
http://www.bloomberg.com/news/articles/2015-06-16/janet-yellen-s-prediction-last-month-is-already-being-vindicated
And on Reuters today gasoline at the pump in Texas set for an increase as Tropical storms appear increasing support for crude oil prices.
http://www.reuters.com/article/2015/06/16/us-markets-oil-idUSKBN0OV03920150616
Always look to support and resistance band lines as the key to understanding in the long and short term where prices are converging. Professional technical traders use 50 day and 200 day medium and slow moving averages as fundamental cornerstones for interpreting the direction of price action.
USDX
US Dollar
94.737 -0.096 -0.12%
94.737 -0.096 -0.12%
Support 94.362 Resistance 96.452
Forward 1 year -95.877. Low growth positive line.
Forward 1 year -95.877. Low growth positive line.
EUR
1.13120 +0.00463 +0.41%
Support 1.11037 Resistance 1.13977
Forward 1 year - 1.13490. Low growth positive line
Crude Oil
60.50 +0.50 +0.83%
Support 59.21 Resistance 61.01
Forward 1 year - 62.46. Low growth positive line.
Forward 1 year - 62.46. Low growth positive line.
Gold
1185.685 +0.135 +0.01%
Support 1,171.4 Resistance 1,187.6
Forward 1 year - 1,185.1 Low growth line.
Pieter Bergli - DeLoren Trust Holdings
A non-profit commitment to provide education on the properties of currency markets
Forex market commentaries and media reports for free
Disclaimer - U.S. Government Required Disclaimer - Commodity Futures Trading Commission
Futures and Options trading involves risks of losses. No representation is being made that any reader and account will or is likely to achieve profits or losses similar to those that are being discussed on this blog http://forexeducationperspective.blogspot.com/. The past performance of any trading system or methodology discussed is not necessarily indicative of future results.
CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.
All trades, patterns, charts, systems, etc., discussed in this blog http://forexeducationperspective.blogspot.com/ are for educative and illustrative purposes only and not to be construed as specific advisory recommendations for actual trades. Disclaimer - http://forexeducationperspective.blogspot.com/ bears no responsibility for the trading actions of its readers
Pieter Bergli - DeLoren Trust Holdings
A non-profit commitment to provide education on the properties of currency markets
Forex market commentaries and media reports for free
Disclaimer - U.S. Government Required Disclaimer - Commodity Futures Trading Commission
Futures and Options trading involves risks of losses. No representation is being made that any reader and account will or is likely to achieve profits or losses similar to those that are being discussed on this blog http://forexeducationperspective.blogspot.com/. The past performance of any trading system or methodology discussed is not necessarily indicative of future results.
CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.
All trades, patterns, charts, systems, etc., discussed in this blog http://forexeducationperspective.blogspot.com/ are for educative and illustrative purposes only and not to be construed as specific advisory recommendations for actual trades. Disclaimer - http://forexeducationperspective.blogspot.com/ bears no responsibility for the trading actions of its readers
