Gold seemed to be leading the charge on the Tocom open pulling silver through the hrly 200 ema, thus, triggering our short 16.81 trade to reverse at 15.70 and should target the weekly uptrend support now turned resistance at 15.87.
Cable popped through res and finally got its head above the hrly 300 lwma, but with Eur/Gbp breaking up out of the wedge formation it has slowed any further gains for the moment.
Will be watching a few pairs today to see how these breaks translate into the other majors such as the Euro and Swiss which are currently holding just shy of their daily resistance and supports. With Usd/Jpy not really doing much of anything, a weaker dollar has allowed the Yen crosses to continue their drift higher with Aud/Jpy approaching the 4 hrly 200 lwma, the Eur/jpy currently sitting a tad under its daily downtrend res and hrly 300lwma and the Gbp/Jpy hoverring either side of the hrly 100/90 ema´s.
Stocks and commodities are also higher this morning going into the New York session which should support this slowly developing retracement.
We have a fair bit of news today so stay alert as it looks like we are in for another bumpy ride.
Tuesday, 16 February 2010
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