Good day koalas.
How is your week so far? Trading is light and we may know why.
The EUR/USD remains bullish for now. While this is encouraging, just be careful as over the past few weeks, the currency pair usually clock a few days of slight bullish momentum followed by a major bear drop!
Seems like sentiment is picking up as the S&P 500 stays above 1080 for now.
Oil is currently above $73 and the danger of a break down below $70 eases off for now.
Gold has climbed above $1100. I always said that gold is an asset of choice when it comes to stormy weather and this increase in demand deserves attention!
With the US Pending Home Sales coming in much better than expected, folks are watching this among the majority of poor releases all over. Furthermore, the US ADP Non-Farm Employment Change is due tomorrow. Let us also not forget the event of the week, MARGIN CALL FRIDAY! US Non-Farm Payroll. Love or hate it if you are at the wrong side of the fence!
With the unemployment problem in US and now Eurozone, folks are probably getting sensitive over job issues. Therefore the releases may produce spikes in the event of an unexpected release.
The RBA did not raise the interest rate for Australia and this is not expected. This will probably hurt sentiment. Maybe not now but soon investors may start questioning if the recovery is just a dream. Remember Australia is one of the first to start experiencing the recovery “symptoms.” Yet now she has to pause to take a rest.
Continued bullish pressure may test 1.4000 next.
Any bearish comeback may see 1.3940/1.3880.
Do you like songs from the 80s? I LOVE IT. I have been playing songs from then these days. Love the special “effects” and catchy beats. OK I ADMIT. I WAS RICK ROLLED and it sparked my interest in 80s again. Do not know what is rick rolled? google it 😛