Wednesday, May 22, 2013

Market Overview

First daily glimpse at the markets

Overview 2013-05-22

(left to right: Euro, Pound, Yen, Australian Dollar. Second row: Gold, Platinum, Silver, Oil, 30yr Bonds)

The US-Dollar is up, as all markets are trending down with the exception of Oil, which is trading above the cloud, and they are doing so for some time. Ichimoku is not looking for tops or bottoms, still countertrend setups may reveal themselves in the shorter timeframes.

60 Minute charts

Overview 60min 2013-05-22

15 Minute charts

Overview 15min 2013-05-22

The Euro has support at 1.2890 and has room to test resistance at 1.3020 – 50

The British Pound has an event risk today with the BOE minutes revealed later. The Yen may get some life later today with Kurodas speech. Charts mirror market sentiment. News can turn that around on a dime, so wait for the news and assess the news 5 minutes after the event.

The Daily Australian Dollar is in a very strong downtrend, which will continue, if interest rates and the US Dollar continue to trade higher.

Gold seems to try for a double bottom with 1370 as support today.

Platinum has downside risk, as news support from looming strikes at south african mines seems to fade.

Silver saw the heaviest damage on Sunday night and has further room to the downside, even if 21.75 - 50 should support.

The whole metals group will decline further, if the appriciation of the US Dollar and interest rates continues. Might be interesting to take a look at this Marketwatch article, discussing the odds of Mr. Bernanke stepping down in August 2013.