Week 9

[steveshutts]

Attention switching from the Yen to the dollar this week, with plenty of data out to cause some action on the majors. Nice bullish end to last week on cable, but scrappy today with the fib confluence up at 9660 area keeping a lid on cable this morning, as most await the Durable Goods tomorrow. Most of the data is expected to be dollar bearish apart from the Manufacturing releases.
Looks like 9600 is holding at the moment. 9730/50 will be the key level that the cable bulls need to hurdle if we get a continuation of this move up this week. Any further push down towards 9534, the higher low printed on Friday, would seriously negate this recent move up.

[Buk]

	Quote:	steveshutts
	Most of the data is expected to be dollar bearish apart from the Manufacturing releases. Looks like 9600 is holding at the moment. 9730/50 will be the key level that the cable bulls need to hurdle if we get a continuation of this move up this week. Any further push down towards 9534, the higher low printed on Friday, would seriously negate this recent move up.

it's certainly a neutral to weak $ stance Steve for sure.....Euro is pressuring the top end of it's channel & looks good to go for a run up to check the bullish momentum.....wouldn't be surprised to witness a shake out of weak longs on a confirmed shunt to the 3250 area, with a pullback buy opp....same on Cable at current highs.......

obviously it will be 'data dependant' but any mopping up of Euro & Cable longs transacted on Friday & again today, especially on Euro's trip back to todays pivot @ 3150, are sitting to the right side of the value-risk bias......

[steveshutts]

Well, got the long trigger at 9612 after the fake out south. Too good to miss the turn at the asian base and the bounce off the 50 fib.
Scaled already so free trade to ride out the news this afternoon. I expect home sales will be the key data release today but not expecting too much if these figures come in as expected? We have the important GDP revision tomorrow and unless we get surprise releases today, i'd expect most will be awaiting those tomorrow?

[milliard]

The Housing Data is being underlined on both sides of the pond Steve. Both sets of finance offices are chattering it up for obvious reasons, so it's sure worthy of more than a casual glance.

This shake & pop could be tested back to the London base on a jump through last weeks highs on both European leaders up at current levels, Euro has the toughest barrier to blow through with the channel top on a sideways resistance marker to the Dec 20 high (1.3244).

[steveshutts]

Excuse my ignorance Milliard, but what is the London base? Are you referring to the price at 08:00 GMT?

[Anna-Maria]

3205: R1, 78.6 & the likely 1st line stop bed for these intraday runners off the Asian lows here.

That collection will send it back for sure if it's not supported into the European doldrums. Durable Goods will be the first $ test of the week. Should attract decent follow thru if that number disappoints.

[Anna-Maria]

	Quote:	steveshutts
	Excuse my ignorance Milliard, but what is the London base? Are you referring to the price at 08:00 GMT?

Yes Steve,

3160-80 Euro

9600-610 Cable

Meaning, they'll look to shake out any new(er) weak longs into the Durable Goods, if this initial pop fails to hold above the Asian highs.

[milliard]

Yeah, quite a bit of dual side activity between Buk's top tier channel lines Anna.

% profits likely being booked off last weeks shift through 1.31. The "indicator crowd" are chirping topping up here too - good enough reason to buy any pullback lag imo LOL.

[steveshutts]

Thanks Anna, i thought that was it.
Coming off a little now. Lets see if we find support at the pivot and todays open.
Stop down at 9590 so hopefully should be able to ride this out if we get some dollar negative news?

[milliard]

Safe a place as any (590) considering you nailed your premium entry at the 610.

You got the market doing the work for you now. If the $ gloom unfolds, you have your optimum kick to the upside. If not, you're booked & ready to switch. The late comers are handling all the risk from hereon in.