17 Apr 2009

Yesterday comments:
Instead of a up candle, it is a down. But support was at 1.484 as predicted at 1.485. GU swinged back but still close down at 1.492 in the morning, down from its opeing at 1.502.

GU make a down after opening yesterday and it was only until the US trading time before it swing back.

Fundamental:
There are no major US news. UoM Confidence is at SGT 2030 which is a Financial confidence, a leading indicator of consumer spending, which accounts for a majority of overall economic activity.

ECB Trichet will speak at SGT 1100. This will determine the cut in interest rate, but most likely not, and the impact may not be great.

Dow up another 100 points, overriding the housing bad news. This also show sign of US on the road to recovery. Of course, yesterday gave better unemployment claims data and with JP Morgan showcasing profits.

Technicals:
GU may attempt 1.50. The trend however pointed lower using the CCI34.
Support is found at 1.482 and first resistance is at 1.506

There is a squeeze between 1.487 and 1.495, before it decide going towards the support or the resistance.

My opinion:
Trend: down
Trade within squeeze band and let go when out of band, before trading at reversal at resistance or support line.