Another interesting macroeconomic indicator is the ratio between Ism new orders and Ism inventory. When it drops below 1, the Fed can hardly renounce to a new Quantitative Easing (we are at 1.03 ...)
Only few news events like NFP, the ECB rate and Drgahi speech will do major impact for the EU pair. Others are just OK.
As for the price of gold, the statements of central bankers can influence prices and certainly not the data on the production of the yellow metal.
Agree. We have major news events this week. I'm waiting
Tomorrow NFP, ISM non-manufacturing and factory orders: it’s going to be a Friday with a high volatility on EurUsd
This pair has continued to move upwards, while the indicators confirm the current bias. The price line at 1.3200 has already been tested and violated, so the price should not find it difficult to go towards the resistance line at 1.3300. There is thus a Bullish Confirmation Pattern on the chart.
At the moment, no news has the strength to move EurUsd out of the range 1.29 – 1.32. Only the statements the central bankers will be able to move the market and next week there is the G7 in London.
May 18[SUP]th[/SUP], 2013: deadline for the debt ceiling raising. What is the American politic going to decide?
Having dropped by over 110 pips this week, the EURUSD is in a vivid bearish mode. The price is hovering below the market line of 1.2900, and the target at 1.2800 is not a lofty ambition, for this week or next week. Any short-term bullish rally should not take the price above the market line of 1.2900.
Agree. I am expecting a pullback upto 1.30 to sell the rallies