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Trick or Treat - Low Rates and Other Good Numbers?
Posted on October 31, 2008 at 5:44 in Fundamental Analysis, News: Scheduled and Breaking, Relevant Ramblings, Technical Analysis by Jerry Furst
By Jerry Furst - Sr Analyst
Investors Education Network
 

The Dollar - Gives and Takes

The past few days have seen the US Dollar give back a small portion of it’s historic rally - save the Yen… This despite factors that fundamentally - “in normal times” - should have hammered the greenback. The biggest factor being the FOMC dropping rates to 1%, and GDP coming in an anemic 0.3%.

Jumbo Jets and Jobs Anyone?

Durable Goods in September were reported to be a positive 0.8% with expectations running as low as -3%. This was primarily attributed to aircraft orders. With the Delta and Northwest merger approved by shareholders - there may be a few “pre-owned” birds along with some stewardesses on the market. Jobless claims came in at a steady - unchanged 479,000 on Thursday - only to hear that American Express and Motorola were going to lay off a pfat part of their payroll.

Costa Rican Telemarketing @ the Beach?

Joke of the Day: What do you get when you put some laid off Airline workers, cellphone makers, and wall street types together at the unemployment line talking about pensions and vacations? Send me your punch line. (I’m thinking Quentin Tarantino for some reason)

 

Technically Speaking - More Patterns I See

The Canadian Dollar Setting Up Again?

(Click to Enlarge Chart)

 USD-CAD Symetrical Triangle

USD-CAD Symmetrical Triangle

appears to be setting up on the 60 minute chart as of 1:30am October 31. Fibonacci levels coincide with the potential price pattern targets at 1.2540 for the upside and 1.700 for the downside support level.

 

Look back at my previous posts from October 21 - 26 for a text book example of a triangle pattern completing quite nicely.

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Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN), He is a Mentor and Trading Coach to Select Clients  Click Here for a Free Self Evaluation Survey.  

Tags: Canadian Loone, charting, currencies, Delta, FX, GDP, Interest Rates, layoffs, merger, Motorola, Northwest, Technical Analysis, trading, triangle pattern, unemployment, US Dollar, USD-CAD

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