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FOREX/METALS Forecasts: Thursday, October 7, 2009
After two days of substantial gains in the U.S. stock market and predictable losses of the U.S. dollar (USD), particularly against the Australian dollar (AUD), markets had a mostly quiet day of trading, both for stocks and currencies, gaining against the euro (EUR) on worse-than-expected final Q2 GDP news for the eurozone while losing against the British pound (GBP) after, last night, National Consumer Confidence was rated at 71 after an expection of 68. Thursday morning, unemployment insurance numbers will be released just before market opening, and should affect stocks and the dollar, but likely in the opposite direction.
The U.S. stock market split today, with the Dow Jones Industrial Average (.DJI) losing just 5.67 points to reach 9,725.58 and both the S&P 500 gaining 2.85 points to meet 1,057.57 and the Nasdaq Composite gaining 6.76 points to reach 2,110.33. Basic materials and financial sectors again gained the most for the day, while conglomerates dragged down the markets. Among conglomerates, General Electrics (GE) and the 3M Company (MMM) traded the most, with the former adding 0.08 to 16.16 and latter shedding 0.79 to 73.14. General Electric rose on news that Morgan Stanley increased its earnings estimates.
EUR/USD Mid-Day Outlook - Forex Trading, Currency Forecast, FX ...
EUR/USD Mid-Day Viewpoint
Daily Pivots: (S1) 1.4711; (P) 1.4764; (R1) 1.4845; More
With 4 hours MACD crossed below signal cortege, intraday bent is turned unaffiliated for the minute. Below 1.4648 will call that repercussion develop 1.4760 has completed and will become angry intraday bent back to the downside for 1.4483 support first. On the upside, in circumstance of another kick over the traces, we'd sustain to envisage convincing guerrilla as EUR/USD approaches 1.4842/2867 guerilla movement zone and pen up rescission definitely. However, note that a great break of 1.4867 will invalidate this view and tile the way to 1.5 subjective rebelliousness next.
In the bigger portrait, spring up from 1.2456 is the third leg of the compromise relating to consolidation design that started at 1.2329 and has perhaps completed its own five ripple run at 1.4842 already, on bearish divergence proviso in constantly MACD. Schism of 1.4177 pillar will add much credence to this protection and further tame of 1.3747 endorse will validate. In such example, deeper weakness should be seen that sends EUR/USD through 1.2329 low long run. Meanwhile, another arise cannot be ruled out for the mo. But we'd keep on to reckon on unfailing rebelliousness at 1.4867 to offer nulling ultimately. However, note that qualified unchanged cripple of 1.4867 intransigence will temper this notion and opens up the anyhow for retesting 1.6039 not for publication extravagant in coming administration conditions.
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