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EUR/USD

The dollar was unable to sustain buying support in early Europe on Monday and was then subjected to renewed selling pressure during the day. Market volumes were lower than usual with US government offices closed for a holiday. Commodity prices were generally stronger which unsettled the US currency while risk appetite was also generally firm which helped support the Euro and also reduced defensive dollar demand.

Underlying dollar confidence remains weak with continuing speculation over a longer-term diversification away from the US currency and the dollar dipped to lows just beyond 1.48 against the Euro before finding some tentative support.

The US bank earnings will be watched closely over ...

Yesterday, Mexican industrial production slid by 7.3% year-over-year in August, worse than the expect 6.2% decline and the previous drop of 6.5%. And in a sign that companies aren’t yet ready to apply capital in this economy, gross fixed investment plunged by more than 14% in July when estimates were calling for a drop of 11-12%. 
 


Friday, Mexico’s central bank wraps up a meeting on monetary policy. They’re expected to sit tight with rates at 4.5%. What’s on their minds? 



First, the continued poor economic data isn’t sitting well. Keep in mind 80% of their exports are sent to the United States. And while there may be signs of recovery in the US, America is expected to lag the rest ...

Real-time Monetary Inflation (last 12 months): 2.4 percent*

Gold traders finally had their breakout when the COMEX December contract closed above the $1,038.80 level set in March 2008. The move was a long time coming, as an interim low near $710 had to be negotiated in November. Now, metal traders are aggressively probing uncharted territory on the upside.

This has got oil traders wondering if there's a breakout in their future. After all, nearby crude futures have been locked into a trading range since June, including a midway pivotal low, not unlike gold's.

So, is black gold ready to break to the upside?

Let's look, first, at how the players have lined up for an oil scrimmage. Last ...

Ilovepippin is a "regular" in the Elliott Wave forum. He gives clear chart analysis and then follows up with the outcome of that analysis.

I love how this chart analysis is side by side and you can easily see how the trade played out.

He had a great trade here that worked out very well in accordance with his Elliott Wave counts.

Check out his post & more posts like these, here: http://forexforums.dailyfx.com/ellio...tml#post357870

Congrats Ilovepippin!

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