Global FX Economy 28th Oct 2015. USD strong gains. Markets, news and analysis.

Forex Market Commentary  

That sinking feeling ahead for the EUR/ USD.

Wall Street certianly doesn't want it and the Fed playing lipservice to corporate USA doesn't want it but everybody wants that Greenback and we are heading into the Christmas closing with a strong note. usually large specs clear the books for year end but admittedly we  have just taken a pause on the long Dollar march to parity and the final hurrah of the retracement to the 1.18 on the EUR/ USD got shouted down by the ECB. The likely outcome is a holding pattern on the spots in a tight 1.08 - 1.12 range and a roll over of futures contracts to keep those top heavy shorts in play. USDX marched back up to 97 unopposed with the only real question if theres enough snuff to punch through the 100 mark before Christmas with enough time to consilidate; same scenario for the EUR/ USD shorts spot taking a keen look at the 1.05 horizon.

US equities looking buoyant plus 198 points to come in at 17779.52 on cheerful news the Fed wont act in November whilst crude oil WTI futures gain 2 dollars to settle at the 45 mark whilst gold bullion shaves 5 dollars down.
 
Read on Bloomberg how the Fed laying off rate hikes for now with traders now casting eyes at December 2015:
http://www.bloomberg.com/news/articles/2015-10-28/u-s-future-advance-as-investors-speculate-on-fed-s-economy-view

In speaking of moving averages; markets are not rational and daily price action volatile, but in the longer run trader expectation and negative sentiment can be collectively summed up through the 50 day moving average. 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 
97.601     -0.021 -0.03%
Support 94.213     Resistance 98.993
Forward 1 year - 95.259s.

EUR/ USD
1.091685     -0.011800 -1.07%
Support   1.08173         Resistance 1.1393
Forward 1 year - 1.14600s.  

Crude Oil  WTI

45.75    -0.19 -0.44%

Support 42.63  Resistance 48.31
Forward 1 year - 52.07s.

Gold

1162.15     -4.20 -0.36%

Support  1,160.2    Resistance 1,191.2
Forward 1 year  - 1,186.5s.

Pieter Bergli - DeLoren Trust Holdings

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