Forex Market Commentary
USD is running our of legroom to stand on. US policy makers are increasingly becoming dovish in their outlook for a rate hike amidst growing concerns that the US economy might note see a stellar Q2, Q3 after all. wall Street took a dive shaving off 170 points to stagger on to the close at 17,905.58. see on Bloomberg video report on the Dow Jones nightmare -
http://www.bloomberg.com/news/videos/2015-06-04/stocks-suffer-worst-day-in-more-than-a-week
Tomorrow all eyes will be on the NFP and unemployment rate so theres very little movement at the moment prior to the data release. usually traders jostle for position but at the moment there is a great level of uncertainty given much high level comments on the currently stagnating US economy.
The Dollar bull market is increasingly coming under threat from several angles. IMF Managing Director Christine Lagarde rattled the Dollar market when she came out with a statement asking the US Fed not to raise rates until mid next year 2016. She said: “the inflation rate is not progressing at a rate that would warrant, without risk, a rate hike in the next few months”.
See on Bloomberg -
http://www.bloomberg.com/news/articles/2015-06-04/fed-urged-by-imf-to-postpone-rate-liftoff-to-first-half-of-2016
Greece ran out of cash and delayed a vital IMF repayment of 300 million Euros but said that it would bundle all payments of a calendar month into one lump payment in order to buy some time. IMF rules do permit a borrower to bundle up repayments and so this is not viewed as a default and the EUR/ USD did not swoon either.
http://www.bloomberg.com/news/videos/2015-06-04/stocks-suffer-worst-day-in-more-than-a-week
Tomorrow all eyes will be on the NFP and unemployment rate so theres very little movement at the moment prior to the data release. usually traders jostle for position but at the moment there is a great level of uncertainty given much high level comments on the currently stagnating US economy.
The Dollar bull market is increasingly coming under threat from several angles. IMF Managing Director Christine Lagarde rattled the Dollar market when she came out with a statement asking the US Fed not to raise rates until mid next year 2016. She said: “the inflation rate is not progressing at a rate that would warrant, without risk, a rate hike in the next few months”.
See on Bloomberg -
http://www.bloomberg.com/news/articles/2015-06-04/fed-urged-by-imf-to-postpone-rate-liftoff-to-first-half-of-2016
Greece ran out of cash and delayed a vital IMF repayment of 300 million Euros but said that it would bundle all payments of a calendar month into one lump payment in order to buy some time. IMF rules do permit a borrower to bundle up repayments and so this is not viewed as a default and the EUR/ USD did not swoon either.
Please note that technical data should only be used as a guide but be aware that it is the fundamental data which becomes the trigger that pushes prices into equilibrium of demand and supply.
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
95.586 +0.008 +0.01%
95.586 +0.008 +0.01%
Support 94.426 Resistance 97.116
Forward 1 year - 96.549. Low growth positive line.
Forward 1 year - 96.549. Low growth positive line.
EUR
1.12181 +0.00080 +0.07%
Support 1.10000 Resistance 1.14140
Forward 1 year - 1.13380. Low growth positive line
Crude Oil
58.12 +0.12 +0.20%
Support 58.05 Resistance 62.23
Forward 1 year - 62.08. Low growth positive line.
Forward 1 year - 62.08. Low growth positive line.
Gold
1177.25 -0.18 -0.02%
Support 1,171.1 Resistance 1,200.7
Forward 1 year - 1,190.5 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
