Thursday, June 23, 2011

Market Update Thu 23-June-2011

US Dollar rose against most of its major counterparts on Wednesday. US Dollar index is showing a possible reversal on Weekly and Daily Chart, on the US economic front, house price index rose 0.8% (-0.3% expected) in April.


Gold rose above 1550 yesterday afternoon and my short position is activated.
However, upon FOMC press conference at night, Gold rose above 1557 and taken out my stop loss before it continues to drop below.

The FOMC kept interest rates at 0.25% as expected for an extended period and Fed Chairman Ben Bernanke added that "extended period" means at least two or three meetings.


the Greek government has won a confidence vote for extra austerity measures that should allow it to receive further aid from IMF lifted the market.

EUR/USD were mixed yesterday, formed a doji candlestick pattern and GBP/USD already showing a BIG fall.
I am bearish on EUR/USD when it touches 1.4441 high last night, my short position were not entered because I have been queueing at 1.4470...

I forecast EUR/USD to continue trading in channel with bearish bias today until this evening.
US Unemployment Claims, tonight 8:30pm, could be another economic data that I am looking forward.

It is a good time to pick short today at 50% of yesterday Hi-Lo near 1.4370.


The British Pound dropped against its major counterparts. Minutes of the Bank of England’s policy meeting earlier this month confirmed a 7-2 vote in favour of leaving rates unchanged.

I m upset because I was too concentrate on EUR/USD last night and missed GBP/USD totally... and it has corrected to 1.6050 level as forecast, touching its 200 days EMA...

Stay out, or watch for possible pull back to 1.6070 to sell, ultimate target 1.5850.

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