FROM: PETER CRUZ DATE: 10th Dec., 2014 – Wed. Market Brief The Nikkei is down 1.4% at 17557.02 as the dollar continues to come under pressure (USD/JPY now at 118.95), spurring profit-taking for the second straight session. “This kind of sell0ff—which is still by no means that severe—has been a long time coming, and healthy for the market,” says Naoki Fujiwara, fund manager at Shinkin Asset management. “The timing is conspicuous before Friday’s Nikkei options and futures expiration, Sunday’s lower house elections, and the US FOMC meeting early next week. If trading volume were more robust, this might be described a ‘pre-event trade’ of sorts, but as it stands, the dollar may have simply been overbought, setting itself up for a short-term correction. The longer-term direction of the dollar-yen pair is not likely to be impeded, however.” On the data slate there’s Japan Consumer Confidence Index; UK Visible Trade Balance; UK Total trade Balance; US MBA Mortgage Applications; US Crude Oil Inventories and US Monthly Budget Statement. SELL EUR @ 1.2390 OR BETTER - STOP @ 1.2450 – TARGET @ 1.2265 SELL GBP @ 1.5670 OR BETTER – STOP @1.5720 - TARGET @ 1.5490 BUY USD/JPY @ 119.00 OR BETTER – STOP @ 118.00 – TARGET @ 121.80 SELL CL0115 @ 63.20 OR BETTER – STOP @ 64.30 - TARGET @ 60.30 SELL XAU @ 1230 OR BETTER – STOP @ 1240 - TARGET @ 1210 SELL XAG @ 17.00 OR BETTER – STOP @17.80 – TARGET @ 16.10 GOOD LUCK AND HAPPY TRADING PLS. NOTE: 1. ALWAYS REMEMBER TO PUT STOPS WHENEVER YOU TRADE, MARKETS ARE VERY VOLATILE. 2. THE ABOVE BRIEF IS MY PERSONAL OPINION AND DOES NOT CONSTITUTE ANY PROMISES OR GUARANTEES OF PROFITS. TRADING IN CURRENCIES AND COMMODITIES ARE HIGH RISKS AND IT IS NOT FOR EVERYONE.
Posted on: Wed, 10 Dec 2014 04:40:49 +0000
Trending Topics
Recently Viewed Topics
© 2015