EURUSD - Trends, Forecasts and Implications (Part 1) - page 751
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Well, the dollar has gone up, so oil has gone down.
Fibo comment
European pre-marketPosted 09:59 10.12.2009
Hello!
The situation continues to be albeit volatile, but more or less predictable. At least yesterday the support at 1.4690 on the euro/dollar pair restrained the dollar's onslaught, not allowing it to consolidate lower. In the short and medium term, the decline, following technical factors, will continue. This means that support levels of 1.4520 and 1.4440 will be the next obstacles.
Fundamentally, the dollar is supported by oil prices, which yesterday declined to $71.50 per barrel and gold, which yesterday also fell in price to $1,125 per ounce.
Reports from the Reserve Bank of New Zealand caused the NZDUSD exchange rate to rise by 60 points. At the same time, the interest rate was not changed and remained at its previous level of 2.50%. However, it was stated that if the economy continues to recover steadily, rates could be raised.
Against the background of the general strengthening of the dollar, not counting yesterday, the yen also held its position as a carry-trade currency. The session closed at 88.00 yen to the dollar and the price is declining today.
Technically the situation is unclear today, therefore probably, the direction of trade will be given by fundamental indicators, the block of which is rather saturated. And of course, the support and resistance levels will not be left out.
For the Pound/Dollar it is 1.6150 and 1.6050. For the dollar/yen it is 86.00 and 88.30.
Have a nice day!
FIBO Group MFH Analyst, Michael NersesovCan you calculate the proportion? How many times more oil has fallen in price than the dollar has risen? And give us a number.
Here's an idea, we should add oil and gold to the cluster of 7 major currency pairs, they are also linked to dollar, but there is a problem with oil, it's not in the standard set...
>> gave me an idea, we should add oil and gold to the cluster of 7 major currency pairs, they are also pegged to dollar, but there's a problem with oil, it's not in the standard set...
Oil is not. Oil, unlike currencies and gold, is a real asset. Gold is not sure either, it's not fully fictitious yet, though it's coming to that.
In general I think it's better not to use them for cluster calculation.
Oil is not. Oil, unlike currencies and gold, is a real asset. Gold is not sure either, it is not fully fictitious yet, although it is coming to that.
In general it seems to me it is better not to use them for cluster calculation.
Thanks for the advice, and I'll try it with gold, I'll run it on the Expert Advisor - I'll see the result...