If you are American please pass this video around:End Too Big to Fail for Good
I have a small theory that the US markets don't care about Greece/Portugal/Spain yet and much of the losses two days ago were due to the Goldman grilling on Capitol Hill. Then today we had the news Goldman would settle the charges and quite a rally (I think it was the biggest up day in the SPX this year). If that is the case then Mr American Market might not like this news: US politicians talk criminal charges as Blankfein warns staff of more pain ahead. Also Gold is supposed to be the financial sector hedge and Gold has been VERY sensitive to the Goldman ups and downs ....
Breakout and back above trendline support, same as indices.
Next resistance is 0.94 (November high)
Daily chart - bull flag, break of 1175 means back to 1206 then 1230
Wedge is clear on 1hr chart.
Still in a wedge looking for a breakout.
Downside target 0.99, topside 1.15
240 min chart
Wedge has broken short, and retested from underneath.
I also like EURAUD short and AUDCHF long.
If we get a risk aversion day Friday then sterling is very sensitive to the financial sector and I like cable short.
Silver looks to be making an inverse head and shoulders on the daily chart, one to watch.
There is no change to my EURUSD bearishness and if this resistance at 1.3260 does not hold I am looking to sell at 1.34 and 1.36 levels.
GBPAUD short 1.6500 stop 1.6560 PT 1.6370 / 1.6250
CABLE short 1.5350 stop 1.5380 PT 1.52 off 78.6fib
GOLD long 1175 stop 1172 PT 1186
GBPJPY short 144.50 stop 144.80 PT 142 - 4hr pin
USDCHF short 1.0760 stop 1.08 PT 1.0650 / 1.06
USDCHF closed BE - bad idea.
USDCAD long 1.006 stop 1.0035 PT 1.018
GOLD closed 1180 - stocks cratering (+1.6R)
GBPAUD closed 1.6408 (+1.5R) - this trade does not work with risk-off
EURJPY short 125.10 stop 12550 PT 122