Two news was announced yesterday: Actual Forecast Previous
10:00pm USD Existing Home Sales 5.50M 5.50M 5.75M
10:00pm USD Consumer Confidence 99.8 104.5 105.6
Both showed figures that is worst off than previous, confidence is worst than forecast. This shows a contrast to the economy spelling a recssionally pressure, as property is one of the main indicator for the economy. The Fed did what was right in lowering rates, but will that help the people to pay up their loans? As such, this thursday unemployment claims may tell another side of the story - are the poeple earning and have the capacity to pay.
Technically, if the UK economy remain status quo, WMA5 in the 1 hour chart has rebounded from EMA200. It went below my predicted line at 2.0124 and rebounded. The WMA5 should contiune to moved northward, ending the B-wave, before the next C-wave.
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