Eventually oil has climbed back over the $2 ATR range since yesterdays large move up through $76 and we see some resistance at $79 possibly calling for a slight retrace before further movement up. Due to this event, the 5min time frame is looking worth it again. 4HR and Daily also giving some profits.
Just keeps getting stronger with its daily short and target 3 is around the 7.26 area which has been a rather strong support level in the past couple months. Beautiful trades on the hourly.
The glitz and glam of Gold seems back and in the past week it has reversed last weeks gains as well as a profit. On weekly it needs to break through $1141.18 resistance to get anywhere higher, leading it to over $1,250. It is currently in a weekly short still but inches away from canceling it after an entry at $1092 (SL $1140). On daily it’s on course for $1151 area.
The sterling is putting on a nice show today after an early morning London break upwards on the pair.
DAILY – still in a short
WEEKLY – in a short
MONTHLY – nothing happening yet but with a bias to the south
As mentioned in many posts back, the US and other drooling ministers in finance are talking of a Bretton Woods 2 system. The only reason all this is happening is because they are seeing a way to make money off of the FX system, punishing FX traders and the market when in fact they ended up being the most efficient market during the crisis. FX traders didn’t have anything to do with mortgages but alas… here they are preaching. Whenever the financial rules look unsteady for the US, the US go and change them. This time though the French are jumping in and waving their happy flags in support of a BW2 and most likely because they hoping the Euro would be chosen to be a main pillar in any new ideas. Don’t these guys learn anything from history? The last BW was a wreck.