2 Bounce or Not too Bounce
Hi Everyone,
Firstly, I would like to thank you all for the amazing feedback about the Google Hangout. I’m really glad to hear that you enjoyed it. Here is a copy of a Hangout with Tom and our Chief Dealer, Amos. This speaks about the advantages and methods of trading long term: https://www.youtube.com/watch?v=DhUbnFbRs5Q
This morning we’ve seen a lot of sour news out from the Euro-zone, which is dragging the Euro down even further than yesterday. Some good news out from Australia is keeping the commodities and commodity currencies up for now. Take a look at a 30 minute chart for the AUDUSD for an interesting pattern, this is a classic example of a clear market resistance.
(click to enlarge)
For now the markets are mainly just processing the huge drops from yesterday. Within the next few hours we should see if we’ll get some sort of bounce or if the negative, safe haven, trend will continue. ECB President, Mr. Mario Draghi, will be speaking twice today. He’s been known to be a market mover, so these speeches could likely determine the next direction.
Also later on, we’ll hear statements from the Bank of Canada, the US Federal Reserve, and the Royal bank of New Zealand. So we could see some nice volatility by the end of the day.
Don’t be shy to reply with any questions. Give me a call, or meet me on the social network of your choice. I’m always here to assist with strategies and to provide a sometimes necessary third party perspective.
Happy trading,
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