Stocks and Dollars

Euro 1.4315 Initial support at 1.4187 (50% retrace of 1.3837-1.4536) followed by 1.4134 (Jul 20 low). Initial resistance is now located at 1.4578 (Jul 4 high) followed by 1.4653 (Jul 5 high)

EUR/USD Today’s support: – 1.4265 and 1.4222(main), where correction is possible. Break would give 1.4197, where correction also may be. Then follows 1.4178. Break of the latter would result in 1.4146. If a strong impulse, we would see 1.4124. Continuation will give 1.4093 and 1.4075

The correction made it to the 1.0973-94 support area. I think it’s done but keep the 1.0951 support in mind also. Overall I feel this should now see gains resume with the initial target just below the 1.1035 corrective high. That may well provide a pullback but it shouldn’t take

The USD/CAD reached an intraday top near .9503, helping to form the resistance line of a channel down chart pattern. This emerging pattern suggests the market may begin a leg to the downside. Momentum will decide whether the market stops at the mid-point between the last swing top and bottom

Presumably, the correctional wave [4] of iii has become the Expanded Flat, which complete by the present moment. If the assumption is true, it is possible to expect falling of the price as the impulse or the Diagonal Triangle [5] of iii.

Tuesday we initiated a short Euro position relative to the USD around 1.4510/15 based upon the belief that it would be in store for a short-term correction. While there was little to sway this trade one direction or another fundamentally, but there was a confluence of technical reasons Click

Blue Chips Stage 5th Straight Loss A stock-market rally evaporated late in Thursday’s session as investors fixated on Washington’s debt-ceiling impasse, overshadowing better-than-expected jobs data.

With only days from the 2nd August deadline, the standoff over the US debt ceiling continues. While failure to raise the debt ceiling does not equate to a technical debt default, it could have significant implications for the US ‘AAA’ rating. We believe that a last gasp deal is still