Using Fibonacci ratios to manage your trades efficiently
by Sunil Mangwani
November 23, 10:00 GMT
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Both commodity currencies are giving up some ground as so are doing oil and gold. Watch them, they are leading the way.
Dollar is moving higher, still not clear definitions yet seems we are going to have a greenback day, at least corrective after such strong falls.
News published in the U.S. are worst than expected, with Import Prices posting record drops, the Trade Balance deficit widening to -57.2 billions and the weekly unemployment claims in their highest level in more than 30 years. Despite majors could seem over bought against greenback, we are not yet in the daily bottom.
The Europeans, Euro, Gbp and Chf, are attemping to move higher. Euro above 1.2665, Gbp to the 1.5090 and then to 1.5130 and Swiss Franc could reach the 1.2000 quickly
Both Euro and Gbp break to the upside against dollar, and continue moving higher, as stocks recover ground: the Eur/Usd could reach the zone around 1.3010, that could extend even to 1.3050 (not seen really) tops for today. Over bought in hourly charts, expect a corrective rebound in the next hours.
Gbp/Usd breaks above the 1.6000 triggering some bullish momentum that has reached at the moment a top @ 1.6105. Above this level 1.6164 is the next to consider.
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