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- #1,861
- Jul 29, 2012 8:53pm Jul 29, 2012 8:53pm
- | Membership Revoked | Joined Jan 2011 | 31,935 Posts
daddybearforex. com
- #1,862
- Jul 29, 2012 8:58pm Jul 29, 2012 8:58pm
Well fellow traders, It's Monday morning and I thought I would post a bit of my outlook as it seems at the moment.
The European Leaders have made some sort of vows to protect the Eurozone with a "do whatever it takes to preserve the EUR" and the German Chancellor and the Italian PM making pledges to do what's necessary along with France weighing is to protection mode as well!
We all saw markets commodities and risk currencies rally last week and Spanish and Italian bond yields fall.
The US growth has slowed and consumer confidence fell. At the end of the year there are a number of tax increases and spending cuts that are due to come into effect which could send the US into another recession period. QE3 is still on the cards and looking more probable.
The EU debt crisis is the biggest threat to US economy and if they don't follow up with action on their words pretty quickly, all this recent hopium will fade and selling of risk will resume!!
In the meantime, I'll be looking at the release of manufacturing numbers for China, UK and the US. For Australia, is seems that exports for wheat, corn, sugar and soybeans are rallying which could suggest that the US drought might worsen.
Until that bear comes out, the AUS continues higher on risk buying and safe haven parking. The Aussie is one of the few currencies whose government hold a sovereign debt rating of AAA and a big turn in the Eur debt crisis will reduce the safe haven demand for the AUD.
We are currently sitting at 1.460 area. So, over the next day or so, we could see 1.0500 breached and perhaps 1.0630 over this week and a trend line support around 1.0350, unless that bear wakes up in a aggressive mood.
My 4 hour chart with trend lines the way I seen them. If I've missed something, let me know!
The European Leaders have made some sort of vows to protect the Eurozone with a "do whatever it takes to preserve the EUR" and the German Chancellor and the Italian PM making pledges to do what's necessary along with France weighing is to protection mode as well!
We all saw markets commodities and risk currencies rally last week and Spanish and Italian bond yields fall.
The US growth has slowed and consumer confidence fell. At the end of the year there are a number of tax increases and spending cuts that are due to come into effect which could send the US into another recession period. QE3 is still on the cards and looking more probable.
The EU debt crisis is the biggest threat to US economy and if they don't follow up with action on their words pretty quickly, all this recent hopium will fade and selling of risk will resume!!
In the meantime, I'll be looking at the release of manufacturing numbers for China, UK and the US. For Australia, is seems that exports for wheat, corn, sugar and soybeans are rallying which could suggest that the US drought might worsen.
Until that bear comes out, the AUS continues higher on risk buying and safe haven parking. The Aussie is one of the few currencies whose government hold a sovereign debt rating of AAA and a big turn in the Eur debt crisis will reduce the safe haven demand for the AUD.
We are currently sitting at 1.460 area. So, over the next day or so, we could see 1.0500 breached and perhaps 1.0630 over this week and a trend line support around 1.0350, unless that bear wakes up in a aggressive mood.
My 4 hour chart with trend lines the way I seen them. If I've missed something, let me know!
- #1,863
- Jul 29, 2012 9:03pm Jul 29, 2012 9:03pm
- | Membership Revoked | Joined Jan 2011 | 31,935 Posts
daddybearforex. com
- #1,866
- Jul 29, 2012 9:21pm Jul 29, 2012 9:21pm
Great post Bro! Watch Gold too, as she may be in 4hr range and you may be putting in a Red arrow the @ UTL..Lots a FA's gona shake us up this week..
GL to All!
Weekly..
- #1,867
- Jul 29, 2012 9:29pm Jul 29, 2012 9:29pm
- Joined Sep 2010 | Status: MR. NOBODY | 3,042 Posts
Thanks Chillypiper! I really value your input! Will pull up my Gold chart now!
- #1,869
- Jul 29, 2012 9:44pm Jul 29, 2012 9:44pm
- | Membership Revoked | Joined Jan 2011 | 31,935 Posts
daddybearforex. com
- #1,870
- Jul 29, 2012 9:52pm Jul 29, 2012 9:52pm
- | Membership Revoked | Joined Jan 2011 | 31,935 Posts
daddybearforex. com
- #1,871
- Jul 29, 2012 9:58pm Jul 29, 2012 9:58pm
PA found a bit of resistance on the short term trend line- 15 min TF.
Took a quick scalp long at 1.04532. For 10-15 pips
Attachment
Long based on green candle in the ellipse.
Looking for re-test of 1.048xx if we get over 1.0466
cheers
- #1,872
- Jul 29, 2012 10:01pm Jul 29, 2012 10:01pm
- | Membership Revoked | Joined Jan 2011 | 31,935 Posts
Nice work, I'm not as quick on the trigger as you Donl
Long based on green candle in the ellipse.
Looking for re-test of 1.048xx if we get over 1.0466
cheers
daddybearforex. com
- #1,873
- Jul 29, 2012 10:04pm Jul 29, 2012 10:04pm
- | Membership Revoked | Joined Jan 2011 | 31,935 Posts
daddybearforex. com
- #1,875
- Jul 29, 2012 10:11pm Jul 29, 2012 10:11pm
- Joined May 2012 | Status: I'm Pawning 95Percent | 1,407 Posts
- #1,876
- Jul 29, 2012 10:13pm Jul 29, 2012 10:13pm
- | Membership Revoked | Joined Jan 2011 | 31,935 Posts
daddybearforex. com
- #1,877
- Jul 29, 2012 10:15pm Jul 29, 2012 10:15pm
Nice work, I'm not as quick on the trigger as you Donl
Long based on green candle in the ellipse.
Looking for re-test of 1.048xx if we get over 1.0466
cheers
- #1,879
- Jul 29, 2012 10:37pm Jul 29, 2012 10:37pm
- Joined Jan 2005 | Status: ~ Noblesse Oblige ~ | 1,663 Posts
There are those who know, and there are those who don't know.
- #1,880
- Edited 10:45pm Jul 29, 2012 10:38pm | Edited 10:45pm
Nice work, I'm not as quick on the trigger as you Donl
Long based on green candle in the ellipse.
Looking for re-test of 1.048xx if we get over 1.0466
cheers
Maybe closed a bit early, maybe not, but i'll take that for the first trade and say thank you.
Happy trading to all
