TheLFB-Forex.com A Forex Trader Portal
Market Wire Update:
Short-Dollar Policy Finds Support
Forex Trader Note: We pay respect to the Veterans around the world on Wednesday, and send white light to all who have fought for the right to be free, and their families that pay the price of supporting them. Thank you.
European markets are initially backing the short-dollar policy that was fed by the G20 comments over the weekend. Take care with exposure and expectancy levels as the 4 hour reads are all oversold on the dollar, and overbought on the major currencies.
Lots and targets: Anything taken ahead of the closed 4 Hour candle price points shown below will require reduced lots and reduced targets.
Red Flag Economics:
05:03 EST Gbp Bank of England Inflation Report
U.S. and Canadian Banks Closed. Veterans Day
19:30 EST Aud Unemployment Exp. 5.8% Prev. 5.7%
Dollar Index: The 75.50 area now becomes the pivotal price point for the dollar index. A four hour close above/below there signals which way the market is willing to test the value of the Usd. Swing Point: 75.90
S&P Futures: The 1082 and then 1100 areas on the S&P are the near-term price action points, that may form a price channel if global markets fail to find equity buyers. The 1055 support area looks solid. Swing Point: 1080
Crude Oil: 80.20 and 81.05 are the topside numbers on crude oil trade, with 81.75 above that. There is a lot of noise at the 78.50 area, with 77.50 and 76.50 under there. Swing Point: 78.90
Gold Bullion: 1075 on gold trade will be near-term support, backing any long tests of 1120. The short side is also backed by 1065. As the market trades long gold as a hedge, it seems that the gold bugs will dominate. Swing Point: 1105Disclosure: No positions