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Forex Trade Setups (London Close) Mar. 29th
Global Indices Lose Ground on Spanish Debt, EU Boost of Rescue Funds, and US Jobless Data All Disappoint
US Jobless claims came in not as rosy as everyone expected with the drop in claims much slower putting a damper on investor sentiment. This put pressure on the risk play causing the USD to rise while the indices fell solidly across the board with the DOW down about 86pts or .66% and the S&P down 13pts or .97%.
The other salt in the wound came from across the pond in the Eurozone as investors globally are seeing more cracks in the Spanish budget with the strike in play sending spanish and italian yields higher. Also out of the EU, the European Commissions Economic Sentiment Index fell .1% suggesting the industry is continually worsening. Lastly, as if they needed any more bad news, reports the EU govts are preparing for a 1yr increase in the rescue aid to €940B Euros communicated very simply the recovery and LTRO process is failing, making this larger and larger hole the zone will have to climb itself out of. This hurt the EURO vs. the USD as it once again failed to hold the 1.33 handle.
Oh yeah, did we mention the Greek Household and Corporate Deposits from the Greek Central Bank report showing the run on the banks is at its all time lows for Corporate deposits? ‘Nothing to see here…move along’.
Oil – Tumbles Down to Key Long Term Support
Selling off for the third day in a row and the first time its done that since late Jan. this year, Oil has shed another $2 a barrel and is currently sitting at a critical long term support level $103.27. This level was the 3mos resistance and swing highs from Nov. last year to Jan. this year before finally being taken out in late Feb. a month prior. The price action structure is showing a major weakening as of late and this level failing to hold will likely send the commodity towards the $100 a barrel. Convenient for the upcoming election season. If $100 fails to hold or attract new buyers, then we could see a further tumbling towards $97 or $95 before any new buyers jump in. Watch intraday price action triggers for a possible breakout pullback setup at this level if it fails.
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