Monday, 14 Sep 2009
Forex Market Anticipates Obama's Statements
With this week just starting, not much has happened short of a general continuation of last Friday's closing movements. The USD has begun the day with a modest uptrend against some of its rivals, but this could be easily disrupted with insecurity following President Barack Obama's statements regarding the financial crisis at 16:00 GMT. China appears poised to make large moves in the financial sector following Obama's speech, which may reverse current trends.
In the event that market optimism drops as a result of sudden fear from uncertainty, the USD may continue its modest upward trend against all of its currency rivals. However, President Obama has recently carried a somewhat calming effect on financial markets, and stocks appear to be anticipating a rebound later today. Such a result will no doubt return forex positions back towards last week's general movement towards risk appetite and a bearish USD.
- Point 1: The Bollinger Bands have begun to tighten, signifying an impending volatile movement. The price also sits just above the significant resistance level of 1.0375, which suggests upward pressure.
- Point 2: The RSI is showing that it has exited the over-sold territory and currently has a bullish trajectory.
- Point 3: There appears to be a fresh bullish cross on the MACD, supporting the notion of an imminent bullish movement.
- There is a possibility that this pair's recent downtrend has come to an end and may reverse in the near future.
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