Friday Morning Briefing
Welcome to our morning briefing. Here we are reviewing short term setups ahead of the NYSE opening bell. If you are a scalper or swing trader then these setups may be of interest to you. As usual keep in mind that these are short term setups although they could be used as early entries for more longer term positions.
By the time I’m typing this the spoos have already touched the 25-hour SMA. A breach lower here may lead us back to the 100-hour. The fact that the 25-hour is flattening may suggest the juice is running out up here. So I’m pretty curious how things will unfold as we are about half an hour away from the NYSE opening bell. I will grab a few ST short positions if buyers don’t show up here.
Signs of life in the greenback. When I got up this morning I was horrified to see the EUR/USD above the 1.3 mark again (as you can imagine I’m feeling that at the ATM). It’s since weakened a bit and inversely the DX is now pushing above the 100-hour SMA. I’m going to hold the confetti for now however as this could turn into yet another failed break out similar to what we saw last Wednesday. I think a solid breach here is important or a EUR/USD of 1.3 may be in Santa’s Christmas bag.
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This entry was posted on Friday, November 30th, 2012 at 8:58 am. Both comments and pings are currently closed.