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Forex Investing Blog
We are seeing The Dollar and Yen continue to Correct across most Currency Units, as well as Gold and Oil, despite continued Macro-Uncertainties about Global Economic Recovery.
Many Units are still finding “Basing” and Consolidating Behavior with Technical Formations such as Flags/Pennants and Horizontal Ranges, although within these Areas clear IntraDay Directionality is being Seen.
Similar to The Euro, Crude Oil is seeing a burst of Bullish Momentum, despite Price simply arriving to clear Static Resistance Levels within a larger Range. The Confluence of the July 2008 Weekly 23.6% Fib Variant and .50 Resistance is holding Price to the Upside, and if the Area is Breached, a new “Transitive Rollover” of Resistance-becoming-Support will be in Place, although any true Bullish Momentum in Crude will be considered in a :Counter-Trend” Fashion…even if Price moves beyond the .35 Range/Resistance Zone.
Here is The Hourly, so give it a Click for Various Levels.
Post-Time is 7:40 GMT.
The EUR/JPY is indicative of slight Risk Appetite returning to The markets, as we have our Equities Correlations back Intact… not to mention “Cross-Current” Correlations with Global Equity Exchanges such as The FTSE… which is up about 3% at The London Open.
Price looks towards the 130.60’s/80’s Static and Dynamic Resistance Levels, as Price Appreciation pulls out of the 127.80’s to 129.00 Hourly Range. Further Appreciation sees the 131.40’s in the Near-Term, while Failure to Hold the 129.00 Handle of Static Support will see the 127.80’s for multiple Hourly Tests of the Area.
If this Behavior is Seen, the Tests will weaken Support and a potential Breach towards the 127.00 Handle in the Mid-Term would be plausible.
The “Currency Majors Technical Perspective” Report has been published for Immediate-Term Details on The Majors, as well as the new Installments of The Fundamental Forex Foundations Section for Data Point Releases today and tomorrow of PPI and CPI.
The Retail Sales and Business Inventories Reports will be published as soon as possible, and I will have those Links for you as soon as possible!
Please join me for more Updates moving forward, especially as we move towards Data Point Releases at 12:30 GMT.
In the Interim, keep a Mindful Eye on CPI out of the U.K. in about one hour’s time!
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