Monday, July 15, 2013

Just Another Monday

Almost unchanged from Friday by the days end. China's GDP came out as expected at 7.5% and US retail sales were disappointing coming in at a slight gain of 0.4% and unchanged excluding Autos. The Dow closed up 19 points, Gold at 1283, Oil up slightly above 106 and the US dollar flat around 8320. The US dollar did gain overnight with the Euro trading slightly below 130 only to bounce back more than 70 pips to close at 13070 due to the lackluster retail sales figures. Tomorrow we will have an array of data releases out of the US starting with the CPI, TIC- treasury inflows, Industrial Production and Capacity Utilization. I am sticking with my bearish viewpoint on the US dollar in the coming days based on today's action and the testimony of Ben Bernanke on Wednesday and Thursday. The currency I do like the most is the Euro, let's take a glimpse of the daily charts and you can back to last nights post with the weekly charts and my commentary if you would like. Let's start with the Dollar and the Euro.

I would like to point out that the dollar traded up to fill the downside gap from last Wed and then backed off and the after the Euro dipped slightly below only to see buyers enter at this level.

The only chart I am not real fond of after today would be the CAD
It does not look all that great to the visible eye at the moment, I am just going to watch this one for now. Next let's take a look at the Aussie, again, I like the Aussie based on the fact that it has fallen from 105 all the way down to 90 and I feel you can manage your risk and if this 90 level does indeed hold, we can get a decent move to the upside especially if the US dollar does indeed fall as I expect!
Again if you are going to trade these currencies via the futures, do not be afraid to take small losses or profits for that matter, we will have plenty of opportunities going forward. Lastly I found this story amusing today to start the week. All you have to do is read the headline for all I care.
History shows gold could fall another $500

Can it happen, sure anything is possible but I think it is funny how this story is released on a Monday after Gold has one of its BEST weeks all year!

Good Night
TraderMartin



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