Friday, 1 February 2013

USDX hits major support...will it hold or fall..All eyes on NFP's data

A smorgasbord of FX charts using reaction line grids (USDX/all RL's emanate from high TF PF's). We have our eyes on EURGBP and the first arrival destination at .8665 from the recent strong trend up. USDX is in a long term down trend backed with political willingness to see a weaker USD across the board. Sooner or later .7900 will break- probably in a spectacular fashion- will it be non farm payrolls due in 1 hr that provides the stimulus?
Emini S&P: I am flat ahead of data but expect some downside movement ahead of further upside gains. Perhaps today will be a surprise ahead of leaked bullish uS unemployment data circulating on social networking sites.Head n shoulders pattern or continuation pattern LINK

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