Forex Signals: Silver, daily and weekly charts are bearish. Silver, daily Price Action chart Silver: the trend on the weekly chart remains bearish (like the correlated Gold) and below the moving average; the daily chart shows a medium term laterality with the price moving between the upper level $20,50 and a lower level $19. Right after testing the resistance area just mentioned above, the silver is taking a period of weakness, breaking down the moving average and the area $20. Of course the news that will arrive from the United States could generate any kind of movement, either upward or downward, but the downside breakout of level $19,40 (and of the bottom of the inside candle pattern that the price is currently drawing) could confirm the short move to the first target area at $19 and then $18.40. On the contrary, an upward movement would lead us to consider the $20,50 level as important weekly dynamic resistance, considering the approach of the moving average 21. Economic Calendar Todays economic calendar presents the most interesting day of the week with some market movers of high expected volatility. From Germany we received good data on consumer confidence, rising against the previous data and the forecast. But the major news will arrive within a few hours with the rate decision in New Zealand (the forecast is for a confirmation of the current 2.50%) and especially the monetary policy meeting of the Federal Reserve. In todays meeting (the last of Mr. Ben Bernanke) the central bank is not expected to change its interest rate, currently at 0.25%, but its likely to cut another 10 billion $ (from 75 to 65 billion $ each month) from its bond-buying program (after the first reduction made in the month of December). The major indices had a positive opening, due to the sharp rise of Turkish rates (from 7.75% to 12%!) to face the devaluation of the Turkish lira, and then completely changed their move closing negatively. Also the US indices are weak but we must wait for the Fed’s decision before analyze their session. In the Forex market we have in this moment a strong session for the yen and the Canadian dollar, uncertainty for the us dollar and the WTI, contrasted session for the euro and the British pound. Tomorrow we will receive data about the Chinese manufacturing, the German inflation and labor market situation, the confidence in the euro area and several market movers from the U.S.A (GDP, private consumption and jobless claims). Maurizio Orsini mauriforex youtube/user/adduho1
Posted on: Wed, 29 Jan 2014 16:23:16 +0000
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