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The Week That Was: Nov 3 - 7
Last Tuesday’s Historic US election of Barack Obama was followed by disappointing reaction from the markets, with ADP employment numbers confirming contraction on Wednesday. Thursday got started with a monster 1.5% surprise interest rate cut by the Bank of England, and Friday closed the week with Non Farm Payrolls painting a bleak picture, and then to close out the week we had Consumer Credit jumping 6.9 Billion in September.
The Week Ahead Nov 10-14
This week gives us a breather in scheduled news until Thursday when International Trade numbers coe out with the Weekly Jobless Claims. Friday has import - Export prices, with Retail Sales at 8:30, followed by Consumer Sentiment and Business Inventories at 10:00pm. The equity markets may be tested as AIG and GM will be trying the patience of the media.
Currencies Look Paused For a Break Out
A look at the majors on a Daily or 4 Hour chart shows some triangle and consolidation patterns. Submitted for your approval Note the charts below.
The Aussie - US Dollar looks Like Consolidation
The Euro Testing Support
US Dollar Approaching Resistance versus Swiiss Franc
Pound Sterling Approaches Support of Descending Triangle and has a Trend Channel to follow.
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