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Appreciation Looks To Continue on the EUR/USD and Inversely with Gold

Posted on April 30, 2009 at 6:07 in Commentary, Market Analysis by Tim Salem

 

Greetings Again, Everyone!

Our Large Corrective Retracements we spoke of in our “Big” Overnight Post surely have come nowhere to Fruition… as Price across the Majors looks for “tight” Retracements to continue propelling Price further “North”…

Despite poor Unemployment Figures from Germany out of the EuroZone… the Failure to keep the IntraDay High in the Euro is “Technically Correct”… as we look to “Re-Test” the 1.3400 Figure in due time.

“Cluster” Support has slightly given way here… so both Bullish and Bearish Views had and do have “Equal Opportunity” here…

The Bears surely coming off of the Highs that were Tested for a Selling Opportunity… and Bullish Views looking to gain with a potential Buying Opportunity with Observance if we are not involved in the larger Correction.

Failure may then bring our “Larger” Corrective Ideas into View as we move throughout the Day.

Gold still finds Solid Resistance with heavy Congestion and Resistance at the $900.00 Level.

If Correction continues, Gold find the $880’s Support as an Opportunity to Test the Highs once again of the Horizontal Range in this Case…

Here are the Hourly Views of both Units, so give the Captures a Click for Commentary… and Post-Time is 11:10 GMT.

 

 

 

 

 

 

I will return for more Updates, as mentioned… as we work through the U.S. Open and the U.S. Equities coming into View in a couple of hours… so we will meet then !

:-)

 

 

 

Tags: appreciation, channel, dollar, equities, EUR/USD, Fibonacci, Germnay, gold, NY, Price, resistance, support, unemployment

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