Forex Market Commentary
Gold slides to 5 1/2 year low at 1082.
Uncertain traders will be looking this Friday for Q3 Euro GDP and US October retail sales figures. EUR/ USD currently hovering around the 1.780 mark. Growing anxiety over a rate helped equity investors swoon as usual and run for the nearest fire exit. In the process the Dow shaved -254.15 or -1.44% to settle at 17448.07. Investors clearly displeased with a sneeze of a mention of a 25 basis official hike. For heaven's sake it's been 10 years has it? When is Wall street going to understand that near zero per cent interest rates is not only an anomaly but clearly unhealthy for the usual forward shape of he interest rate cycle and economic activity? USA 2015 has become the 1990's Japan - the sick old man weaned on next to free credit.
Read on Bloomberg all the fuss corporate America is making about Fed chair Yellen and her proposed interest rate shake up:
http://www.bloomberg.com/news/articles/2015-11-12/s-p-500-futures-are-little-changed-with-central-banks-in-focus
In view of the anticipated Dollar growth gold sunk to it's lowest level in 5 and 1/2 years and crude oil sunk to the 42 mark.
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
98.646 +0.086 +0.11%
Support 97.848 Resistance 101
Forward 1 year - 101.67s.
98.646 +0.086 +0.11%
Support 97.848 Resistance 101
Forward 1 year - 101.67s.
EUR/ USD
1.080270 +0.003745 +0.35%
Support 1.06107 Resistance 1.09987
Forward 1 year - 1.0990s.
1.080270 +0.003745 +0.35%
Support 1.06107 Resistance 1.09987
Forward 1 year - 1.0990s.
Crude Oil WTI
42.89 -0.14 -0.32%
Support 42.30 Resistance 46.40
Forward 1 year - 47.27s.
Forward 1 year - 47.27s.
Gold
1083.580 -5.240 -0.48%
Forward 1 year - 1,101.0s.
Pieter Bergli - DeLoren Trust Holdings
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