I Am Off To Bed Till The Yanks Wake Up
“Spiderpig, Spiderpig. Does whatever a Spiderpig does.” Yes, I saw the Simpsons movie at the weekend.
After last week’s question on support and resistance lines there are lots of examples across the currency markets using daily charts, including $Yen, £Yen, Aussie US, Kiwi US. Bear in mind though, that these aren’t always exact; there are often ‘dangly bits’ where traders try and push the price through to test the market.
So far these support levels have held, but after the reactions across all markets last week I’m holding off this morning before committing my hard-earned money. One of my favourite contrary indicators, the press, was gloomy enough over the weekend to expect a reversal in markets this morning; the several billion Dollar question though is, “Will it hold?”
I stifled a yawn when Money Supply data from the UK was announced earlier. Surprisingly, mortgage approvals were still going strong and we’re still borrowing more than we were expected to but, on the scale of recent events, who gives a rats arse? How the Americans wake up will be more important.
Till later, Happy Trading
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