FROM: PETER CRUZ DATE: 31st Dec., 2014 – Wed. Market Brief I like to take this opportunity to thank all my Readers, Friends, Colleagues, Associates and all the followers for your “Likes” and “Comments” throughout the year. I will continue to do my best for the coming year. I wish you all a very Happy, Healthy and Prosperous 2015. USD/JPY is likely to consolidate with a bearish bias in thin markets Wednesday after hitting a seven-day low 118.86 on Tuesday. Trading volumes are low as financial markets in Japan, Germany, Italy and Switzerland are shut for public holiday; while financial markets in several other countries will close early for New Year’s Eve. Spot USD/JPY is undermined by selling of yen crosses as ongoing political uncertainty in Greece crimps investor risk appetite; weaker dollar sentiment after below-forecast US Conference Board December consumer confidence index; lower US Treasury yields. Daily chart is tilting negative as MACD in bearish mode, stochastics turning bearish at overbought levels. Support at 118.86-118.82 (Tuesday’s low-Dec.19 low); breach would expose downside to 118.26 (Dec. 18 low), then to 116.30 (Dec.17 low). Resistance at 119.84 (hourly chart); breach would expose upside to 120.74-120.82 band (Monday’s high-Dec.23 high). On the data slate there’s US Initial Jobless Claims; US NAPM-Milwaukee; US Continuing Claims; US Chicago Purchasing Manager; US Pending Home Sales; US Crude Oil Inventories and US Natural Gas Storage Change. SELL EUR @ 1.2150 OR BETTER - STOP @ 1.2200 – TARGET @ 1.2065 – no change SELL GBP @ 1.5520 OR BETTER – STOP @1.5570 - TARGET @ 1.5455 – no change BUY USD/JPY @ 119.40 OR BETTER – STOP @ 118.70 – TARGET @ 120.50 SELL CL0215 @ 53.70 OR BETTER – STOP @ 54.80 - TARGET @ 52.10 – no change SELL XAU @ 1200 OR BETTER – STOP @ 1210 - TARGET @ 1185 SELL XAG @ 16.20 OR BETTER – STOP @16.80 – TARGET @ 15.65 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, 31 Dec 2014 04:38:28 +0000
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