Obsidian

The market is still very sensible to the news from the eurozone. Yesterday EUR/USD climbed after eurozone finance ministers reached agreement on fund treaty; ESM can make loans without unanimous government backing. Later, EUR/USD slid on news that euro zone finance ministers had sent back for further negotiations a debt restructuring offer from private Greek bondholders. Meanwhile, Germany denied a report that it was ready to boost the combined firepower of the eurozone's rescue funds to €750 billion. If we hear good news, EUR/USD will try 1.3084 and 1.3120/50 levels. Today’s expected range is 1.2907-1.3150. If we go below 1.29, the pair will head to 1.2802 and maybe 1.2730.

Do not forget to look at the bigger picture

Lifeguards are there to save you

I am happy that I am not a German French elections will be in this year and German elections in 2013. How will they affect the policy? I would like to hear thoughts of the people living in the eurozone. Here in Thailand I meet European people who come here to work and most of them say Europe is a mess...

I think 1.2800/1.2850 will hold this week unless we don't any surprises..Fed policy meeting starts tomorrow and eu meeting on wednesday...

Hi Slick60, Thanks for the links. I pull the charts from my own excel sheet now. People who would like to learn more can check: Commitments of Traders - CFTC Link to weekly data: (Chicago Mercantile Exchange-->Futures Only-->Short Format) CFTC Commitments of Traders Report - CME (Futures Only)

I would advise you to learn more about binary options and how it works first before you invest...there is never guarantee in trading...there is no way to get rich in a couple of days...if you can gain %3-5 every month, you are doing great! think investing as a long distance running...

I agree that a Greek default is already priced in...I just feel the reasons for the union are political, rather than economical...I can't imagine a fiscal union...The countries involved in the euro are far too different to be under the same monetary policy...For example it makes sense to combine the Netherlands and Germany...But Germany and Greece/Spain/Portugal are completely different worlds...

CHF Chart (remember that the weekly data is released every Friday, so data lags one week)

CAD Chart (remember that the weekly data is released every Friday, so data lags one week)

JPY Chart (remember that the weekly data is released every Friday, so data lags one week)

GBP Chart (remember that the weekly data is released every Friday, so data lags one week)

EUR Chart (remember that the weekly data is released every Friday, so data lags one week)

closed the week at 1.0482...AUD has been strong against USD for the last 4-5 weeks. My short term target target was 1.0480/1.0500... If bullish momentum continues 1.0570/1.0606 will be the next target...my very long term target is 1.1028...I am bullish as long as we trade above 1.0345/1.0300... However, if the bears manage to take control and we trade below 0.9900, then I will be looking for 0.8800

Would Greece want to leave? If they leave or get kicked, how would that affect other countries fighting with the same problems? How about the countries, banks, investors that lent tons of money to Greece? Will that start a big chain reaction or will hopes keep the united europe dream alive?

rest and smile.......

hope everybody is having a nice weekend...

next week EUR/USD will probably try to test 1.3121 level as long as we don't sink below 1.2820 area...If we get very good news from the eurozone, we may even see 1.3260. if the pair fails to stay above 1.2965 level the outlook will remain bearish and we may be back to 1.2634 and then 1.2454 level... GBP/USD is in a better shape. Maybe EUR/GBP is helping as well, 0.8370 acts a strong resistance atm. Anyway, I think GBP/USD will test and 1.5587 first and then 1.5670, even 1.5771. However if we go back below 1.5490 I guess things will turn to bearish and we may see 1.5400 and maybe 1.5200.

gold has some more space to go imvho...will 1678-1685 resistance work?

Many people think that Greece will default this year. Do you think the same? If yes, what will be the consequences? Will it lead to a stronger euro? or will it lead to collapse of the eurozone?

I moved to Asia so that I can be ready when London opens

Picture of the Day...

I find candlestick formations + support/resistance/trend lines very useful (4h charts)

watching the market is kind of an exercise...

Asia session was pretty boring, hope we can see some action after London open... It was not a surprise to see 1.2980 (my guess was 1.2970) after eur/usd was able to pass 1.2820...for now I prefer to wait and see what will happen today. Most pairs are at support/resistance levels so don't want to get caught in a bull-bear battle:o