Central banks enter the new year under pressure from investors to rethink just how aggressive they can be hiking interest rates. A slowdown in the world economy, the trade war and skittish financial markets are forcing policy makers including Federal Reserve Chairman Jerome Powell to express fresh caution about their scope for tightening monetary policy. Germany economy has slowed down beyond expectation. France is almost on the edge of tax riots.
US is in shutdown. That may not have too much impact on corporate earning but will hurt consumption into the next quarter.
We had noted earlier that SPX will move to 2625 when it was trading at 2565. Now we are in touching distance. The going gets difficult from here on. We are sell on rally mode for SPX. We do not think that this is a uptrend but a retracement in a general bear trend. We will revisit 2400 later this quarter.
EURUSD weekly had shown signs of upward mobility till dec 2018, But those hopes are dashed with a very definite move below 1.1. This happened as soon as Draghi mentioned of EU slowing down more than expected. The weekly charts now could finally proceed down to 1.12.
EURUSD 4H takes support at 1.1390 for now but all bounces should run into offers at 1.1440 whichis the 100 ma.
Lot more charts and setups below. We look at GOLD at a very pattern which could trigger a major move. Oil charts are significant. GBPUSD, USDJPY, USDCAD are some of the analysis we cover below.
Before you proceed to login below and read further, Charts and setups do give some pointers but over the long run, there is zero evidence of anybody ever having made a few millions using forex trading using charts. Charts are deceptive and stops based on charts almost at 50% regularity will be hit. There is another reason why one should not trade forex manually. There is no potential way of doing pip based backtesting to know how effective a strategy may have been in 2012 or 2013 etc. No one and absolutely no one has ever made significant money using manual or chart based trading.
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