Forex Market Commentary
The grinding continues.
The spec plunge in the EUR/ USD came to an abrupt halt with sturdy barriers at 1.07. With all eyes on US retail sales theres hardly room for the imagination to see another probe on the bottom 1.07 for the time being; that probe may come againwith the November FOMC. Till then we expect a thin trading range 1.07-1.08. USDX similarly threatened the 100 perch and shied away to 98. Gold fades at 1090 and crud eoil on inventory despair sliping to 43 on the WTI cash position. Quiet non-eventful markets for the time being.
The best thing one can do when there is no market signal is step aside; compulsive trading habits need to be reigned in as patience is cultivated to watch for market moves like a hawk.
Read on Bloomberg how the SEC plans to lift the veil off short sellers in the markets:
http://www.bloomberg.com/news/articles/2015-11-10/sec-s-white-says-short-selling-getting-her-intense-attention-
and on Reuters read how the IEA does not see how oil prices can rise sharply over the next 4 years:
http://www.reuters.com/article/2015/11/11/us-iea-oil-idUSKCN0SZ02Y20151111
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
98.866 -0.339 -0.44%
Support 97.848 Resistance 101
Forward 1 year - 101.67s.
98.866 -0.339 -0.44%
Support 97.848 Resistance 101
Forward 1 year - 101.67s.
EUR/ USD
1.07507 -0.00023 -0.02%
Support 1.06107 Resistance 1.09987
Forward 1 year - 1.0990s.
1.07507 -0.00023 -0.02%
Support 1.06107 Resistance 1.09987
Forward 1 year - 1.0990s.
Crude Oil WTI
43.79 -0.42 -0.95%
Support 43.30 Resistance 46.40
Forward 1 year - 47.27s.
Forward 1 year - 47.27s.
Gold
1091.995 -1.145 -0.10%
Forward 1 year - 1,101.0s.
Pieter Bergli - DeLoren Trust Holdings
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