- #21,942
- Dec 17, 2010 12:42am Dec 17, 2010 12:42am
- Joined Nov 2009 | Status: ŻŻŻŻŻŻŻŻŻŻ | 1,339 Posts
Going into the final trading session of the week, price has started consolidating breaking the ascending trend line and currently bouncing off the 0.382 Fib level at 83.87 (Tuesdays low to Wednesdays high).
A break through this Fib level takes us to the 50% Fib Level and Daily Pivot S1 at 83.67/70 respectively. This level is an important one as it has been tested as both support and resistance this week.
A move further south takes us to the 83.50 area with the weekly Pivot Point, Daily Pivot Point S2 and the 0.618 Fib level with stops under...
The purple support line is showing a higher low with buyers in the 82.83 area.
These statements have just been on the wires saying:
"North Korea has told South to cancel artillery drill, and threatens to retaliate against South Korean artillery Drills". Source: RTRS
"North Korea says new strike at the South will be stronger than then one in late November". Source: RANsquawk
Sellers need to be careful as North Korea are talking very tough this morning and as we know they can be very unpredictable.
WSF M5
- #21,944
- Dec 17, 2010 1:23am Dec 17, 2010 1:23am
- Joined Feb 2009 | Status: Hasta la victoria siempre - El Che | 19,542 Posts
Doing what you like is Freedom. Liking what you do is Happiness.
- #21,946
- Dec 17, 2010 1:45am Dec 17, 2010 1:45am
- Joined Feb 2009 | Status: Hasta la victoria siempre - El Che | 19,542 Posts
Doing what you like is Freedom. Liking what you do is Happiness.
- #21,949
- Dec 17, 2010 1:53am Dec 17, 2010 1:53am
- Joined Feb 2009 | Status: Hasta la victoria siempre - El Che | 19,542 Posts
Doing what you like is Freedom. Liking what you do is Happiness.
- #21,950
- Dec 17, 2010 1:54am Dec 17, 2010 1:54am
- Joined Nov 2009 | Status: ŻŻŻŻŻŻŻŻŻŻ | 1,339 Posts
Whatever the case, I hope all sides 'put it back in a zip it up!'
- #21,951
- Dec 17, 2010 2:00am Dec 17, 2010 2:00am
- Joined Nov 2009 | Status: ŻŻŻŻŻŻŻŻŻŻ | 1,339 Posts
Test of the purple resistance before a possible break lower to the 83.50 area.
WSF M5
WSF M5
- #21,953
- Dec 17, 2010 3:21am Dec 17, 2010 3:21am
- Joined Feb 2009 | Status: Hasta la victoria siempre - El Che | 19,542 Posts
Market talk of Chinese interest rate hike tonight. TBC.
EU MID SESSION UPDATE -
Equities in Europe are trading lower today, with negative sentiment primarily being driven by weaker financials following yet another sovereign rating downgrade of Ireland, this time by Moodys. The latest move by the ratings agency put the Irish sovereign rating to Baa1, from previous Aa2 and more or less inline with other rating agencies. However, the EUR was little reactive to the release and in fact is trading higher against the greenback and GBP. Much...
Doing what you like is Freedom. Liking what you do is Happiness.
- #21,955
- Dec 17, 2010 4:16am Dec 17, 2010 4:16am
- Joined Nov 2009 | Status: ŻŻŻŻŻŻŻŻŻŻ | 1,339 Posts
The Dollar is starting to firm up on these interest rate hike rumors. The hike is expected either tonight or over the weekend.
Break above 84.00 will take us higher.
Stops being hit on EUR/USD.
WSF M5
- #21,957
- Dec 17, 2010 8:40am Dec 17, 2010 8:40am
- Joined Nov 2009 | Status: ŻŻŻŻŻŻŻŻŻŻ | 1,339 Posts
Break above 84.00 will take us higher.
No further news on the rumored Chinese rate hike this weekend or news out of North Korea. Will post if something comes over the wires.
Trade of the day goes to EUR/JPY. This is the reason you find daily and weekly pivot levels splattered all over my intraday charts. It's a great tool if used in conjunction with technical analysis judging strength of price action (not necessarily RSI).
Good luck guys, catch ya later, off for a beer!
EUR/JPY DSF M5
- #21,959
- Dec 17, 2010 3:01pm Dec 17, 2010 3:01pm
- Joined Nov 2009 | Status: ŻŻŻŻŻŻŻŻŻŻ | 1,339 Posts
Evening Traders!
The USD/JPY ended pretty much flat on the week with a total range of just under 170 pips.
We have respected the ascending trend line on the M5 chart of the week below. Although for a stronger push higher, it would have been more desirable to have made a new higher high and higher low which wasn't the case and in fact the opposite.
Although we saw a nice 225 pip move south on EUR/USD, we saw a similar push down on EUR/JPY, muting any potential big more for the USD/JPY. We can see this displayed on the currency correlation indicator below with both the Yen and Dollar rising.
The rumors of a potential rate hike coming out of China over the weekend have since resided. Eyes will be on Asia to see if this rumour comes to fruitation.
On the H4 chart we can see once again price bouncing higher across the ascending trend line from near the 15 year lows. We are seeing strong selling around the 84.50 area at the 8/8 MML.
Stop losses have been reported around 84.60 so even if there is no real break higher, a fake breakout can be expected.
We are seeing a strong amount of bids just under the 83.50 area and also in the 82.80 area, so a certain amount of support can be expected in these areas.
Any move higher should be well sold at the 85.00 area unless fundamentals determine otherwise.
If we see a break of the 84.50 area then stops will be hit. Don't necessarily see this as just buyers moving the market, then jumping in long to ride the easy pip train, just for it to whip around a couple of dozen pips higher and your easy long position starts to run against you. If we see a break of the 84.50 area, expect a test of this area before a real move higher, let the market come to you, never chase it!
Have a good weekend guys!
USD/JPY Week M5
USD/JPY H4
The USD/JPY ended pretty much flat on the week with a total range of just under 170 pips.
We have respected the ascending trend line on the M5 chart of the week below. Although for a stronger push higher, it would have been more desirable to have made a new higher high and higher low which wasn't the case and in fact the opposite.
Although we saw a nice 225 pip move south on EUR/USD, we saw a similar push down on EUR/JPY, muting any potential big more for the USD/JPY. We can see this displayed on the currency correlation indicator below with both the Yen and Dollar rising.
The rumors of a potential rate hike coming out of China over the weekend have since resided. Eyes will be on Asia to see if this rumour comes to fruitation.
On the H4 chart we can see once again price bouncing higher across the ascending trend line from near the 15 year lows. We are seeing strong selling around the 84.50 area at the 8/8 MML.
Stop losses have been reported around 84.60 so even if there is no real break higher, a fake breakout can be expected.
We are seeing a strong amount of bids just under the 83.50 area and also in the 82.80 area, so a certain amount of support can be expected in these areas.
Any move higher should be well sold at the 85.00 area unless fundamentals determine otherwise.
If we see a break of the 84.50 area then stops will be hit. Don't necessarily see this as just buyers moving the market, then jumping in long to ride the easy pip train, just for it to whip around a couple of dozen pips higher and your easy long position starts to run against you. If we see a break of the 84.50 area, expect a test of this area before a real move higher, let the market come to you, never chase it!
Have a good weekend guys!
USD/JPY Week M5
USD/JPY H4