No Scheduled Economic News of any significance scheduled. Tuesday should be a bit more interesting as Consumer Confidence and Existing Home Sales are both scheduled for 10am EST.
Mover and Shaker at the Podium
Iranian President and accused 1970’s Hostage taker - takes on the Big Apple and the United Nations. In a true testament to the United States greatness of freedom, he will address the National Press Club, and Columbia University. Despite diplomatic Immunity, I hope somebody checks his luggage!
Mainstream Media - The Contrary Indicator
The US Dollar is getting attention in the mainstream press as being under pressure - So I believe a retracement of last weeks losses are a possibility!Traders may want to look for pullbacks as the greenback needs to “breath” a little.
How do you spell ”Intervention”?
This as the ECB’s Trichet and Noyer are warning of excess volatility if the Dollar continues to weaken. Market News International reports Noyer as saying, ” excess volatility and disorderly movements (in exchange rates) are undesirable for economic growth.”
The Sterling - Dollar in a Nice Channel
The Pound is sporting a strong up channel with upper and lower boundaries. Fibonacci Support is at approx 2.015 and Resistance at 2.026.
Click on Chart to Enlarge
Be sure to Register for this weeks live webinar coverage the US GDP Report Thursday starting at 7:30am EST live on FX Street with Investors Education Network’s Sr Analyst and Trainer Jerry Furst
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Nice GBP weekly chart to strategically plan the entry & exits!
After drawing weekly chart, I switched to daily chart and added 200 day moving average to convincingly seek shorting opportunity, when broken and confirmed!!