EUR/USD Climbs up
November 5, 2009 - 1:00 pm by FX Instructor · Leave a Comment
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Good day to all.
The EUR/USD did move up a bit.
As we get closer towards the NON FARM PAYROLL MAMBO JUMBO, i will be looking towards booking profits for my short term trades.
The currency pair climbs up and tests 1.4910+. Having done so, it retreats to just below 1.4900.
S&P500 enjoys it’s bullish momentum, going beyond strong line 1060, currently testing the region. Be on the look out since this is a technical resistance, tomorrow is NFP and tomorrow is profit taking friday.
Gold in the meanwhile has eased off to be just under $1090.
Oil remains bullish, currently at $78+.
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Folks, i can’t help but to say this every month. Non Farm Payroll can be unpredictable and if you are caught in the wrong side of the fence with poor money management, your account may be wiped out.
Unemployment rate is at a high and as long as the NFP decreases each month, the unemployment rate goes up higher!
We may see risk aversion if the numbers are bad.
Bullish momentum will need to clear the 1.4910+ area first.
Bears pushing the price down will need to clear the 1.4865-43 strong zone.
Due to the nature and importance of NFP tomorrow, we may see risk aversion appearing if numbers are bad.
The unemployment rate is not getting better and the FEDs has commented that it will keep interest rates near zero for “an extended period” and specified for the first time that policy will stay unchanged as long as inflation expectations are stable and unemployment fails to decline.
Very much may depend on the NFP numbers as a better than expected release may raise positive sentiments too.
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You know what? TOMORROW IS FRIDAY !!!
Time to cash out those pips for a nice cold beer 
Trade safe!
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