Author Archives: Trade Advantage

The currency pair was continuing its upward trend yesterday

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S&P 500 (Dec 12) INTRADAY Review For two days running our strategy report has been a whisker away from solid profit. In the same fashion as Tuesday, the S&P dipped following the US cash open and just missed getting down to our long entry level before then reversing and pushing higher to find resistance at our second profit target before the European close. Overall it was another bullish session which makes in three in a row this week with a total gain of 2.5%.

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The currency pair was continuing its upward trend yesterday

USDCAD Three Inside Down Hourly Chart

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Resistance: 0.9807 strong/0.9842 moderate/0.9906 minor Support: 0.9743 moderate/0.9708 minor/0.9645 minor Three Inside Down is just under the pivot point at 0.9807 in Hourly USDCAD charts. With a combination of a high level bearish pattern and a strong resistance consider shorting at market the immediate objective at 0.9743 break of which should see us move to 0.9708. Stop loss should be placed above 0.9807

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USDCAD Three Inside Down Hourly Chart

Good indicators support cyclical currencies. EU summit looks like a flop

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Review: The Chinese economic indicators released overnight (GDP, industrial production and retail sales) turned out generally to be above or in line with expectations. Chinese equities have increased by about 1% this morning and Japanese equities by no less than 2% despite the fact that US equities only close up marginally yesterday.

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Good indicators support cyclical currencies. EU summit looks like a flop

ES: 10-y Obligaciones Auction: 5.458 %

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Date (GMT) Event Cons. Actual Previous Oct 18 09:00 10-y Obligaciones Auction 5.458 % 5.667 % Read the official report at Tesoro Público News Forex: EUR/USD rallies on Spain and Greece (FXstreet.com) Thu, Oct 18 2012, 09:58 GMT Spanish bond yields fall at debt sale (FXstreet.com) Thu, Oct 18 2012, 09:17 GMT Spain 4-y Bond Auction declines to 3.997% vs 4.603%; 3-y: 3.227% vs 3.956% (FXstreet.com) Thu, Oct 18 2012, 08:53 GMT Spain 10-y Obligaciones Auction down to 5.458% vs 5.667% (FXstreet.com) Thu, Oct 18 2012, 08:53 GMT

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ES: 10-y Obligaciones Auction: 5.458 %

XAUUSD Bearish Engulfing Hourly Chart

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Resistance: 1748.67 strong/1754.64 moderate/1759.40 minor Support: 1743.91 moderate/1737.94 minor/1733.18 minor XAUUSD has a bias for the sell-side. Hourly charts also have a Bearish Engulfing confirming market direction though proximity to a moderate support at 1743.91 suggests we should wait for a close below it before jumping short. The immediate target of any sell-off is 1737.94 break of which sees 1733.18.

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XAUUSD Bearish Engulfing Hourly Chart