morning , here we go with my daily chart
yesterday my chart worked so well except with the big consolidation we r seeing in the Euro where its stuck in the 1.4650 level for hours , although the AUD And NZD managed to hit higher after a bearish gap opening in both of them
the reason for that is that the Euro has been the weakest currency against the dollar so far unlike the AUD NZD and thats why its finding even resistance in doing a correction for this recent down move , so i anticipate by this that the correction for the Euro up wont be that deep before the market lose its grap and head for another league down ,and that i see the Euro is a very good currency to short against the dollar in down moves and the AUD NZD a very good currency to long in up corrections
yesterday the s&p 500 closed in a territory very close of the year highs and it has 2 scenarios , to bounce back of this channel which happens to be the down side of the daily broken trend line or to make a rally up before it losses the grab for the dollar long term bullish scenario
as i look to this equities ,, although the s&p rallied sharp , the risk and gold didn't follow it sharp as i expected and that could be of the thin liquidity today for the lack of reports but i expect some action within the weak with a lot of first degree reports coming up
bottom line ,, i see that the AUD correction still needs a push up to complete the ABC , and it could be around the 92-9250 area where it ll hit the FIb 62& around 9205 and the upper channel and previous resistance around 9220 and the psychological level at 9240-50 , i don't think it would break over 9270 by any means giving the weak correction in Euro And Gold
and this levels will be ideal for shorting
we r expecting the PPI AND long purchases report today from NY which will give the market some liquidity to move things up
i would like to anticipate the possibility of a second wave penate which comes in 9250 bounce down from here but its very unlikely to me and i would see the rectangular
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