I warned you, didn't I? Yesterday was the perfect full moon effect at its best when coincided with major news release. After last night, I hope I have more believers now. I shall remind all once again that tonight is still within the zone and possibly Bernanke will be the one who will inject the volatility. I thought I was aggressive in forecasting an expanded range of 1.3100/20 to 1.3330/50 but the actual range yesterday was 1.3048 to 1.3318!! Most limit or stop loss orders on the downside have been cleared and we are now left with only these noteworthy ones below.
London order book across the market:
Stop loss: 1.2850, 1.2875, 1.2910/00 and 1.29998
Technically, market is at o/s levels and shorter intraday oscillator indicators showing bullish divergent signal. Though there are signs of waning momentum, the longer intraday indicators are still pointing down. Expanded range to cater for Bernanke, 1.3000/10 to 1.3200/10 with short term pivot resistance at 1.3120/30. Frankly, I am still not keen to engage the market yet as I feel market is very news sensitive for now. I prefer to watch for this month's close to get a better idea on what to expect in March. If you have to, remember your stop loss order and stay nimble.
Will sniff for something interesting tomorrow.
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| E$ Monthly chart - At current level, it will be Dark Cloud Cover |
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