Intraday bias up. Next resistance 1760, may possibly go up to 1780.
Daily Chart & Weekly Chart:
A Short term correction for the whole up trend is healthy! And the correction is going to last for another 2 weeks, or more? :-)
Prefer to short at 1780 for position trade, 1st exit 1715, 2nd exit 1700.
Short term trading,
Long 1732, SL 1722 (-10), TG 1762 (+30).
Short 1760 or 1780? observe intraday chart for trade action.
Ayumi babbling...
Fundamentally, the US dollar is gonna devalue after recent credit rating issue and the low interest rate. US consumer confidence also plunge to 54.9, lowest in 31 years....
Positive economic data from US Retail sale, employment rate, unemployment claims helped to lift the market, but we at Ayumi the Novice Trader believe that the recession is inevitable, market demand is low, deficit is wide, debt is high, with the government's policy to curb expenses, time is gonna be hard...
Lets hope everything to be fine for all citizen in America.
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