This market does not respect you anymore

[Kristianto]

This guy has said all i wanted to say. In a nutshell, the markets do not care about fundamentals anymore!!!

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Short and sweet today folks as this market seems to have a life unto itself.

 

I will launch straight into levels for a few of the majors.

 

EURUSD has been well bid for the last 10 hours or so and barely moved during the course of the Asian session. This morning we took out some of the stops above 1.2880 and don’t seem to be done just yet now awaiting the Spanish auction results. There is every likelihood we will see 1.2930/50 print on an ugly spike before profit takers and spec shorts come back into play. On the downside look for 1.2830 as the most legitimate short term target before consolidation.

 

 

Being led by the USD leg, the USDCAD will likely based on the above scenario have a look at 1.0080 intermediate support and if things truly run in the EURUSD then 1.0050 will have to be the base. Dip buyers are seen into that latter level and a recovery into 1.0150 is not off the books in this scenario.

 

 

The Cable is now looking for 1.5470/80 resistance as overall it continues to outperform. Getting long at current levels is not the preferred play in this pair and dips (which will occur) are the favoured places to re establish longs, into 1.5370/80. The topside ultimate target is 1.5550 for a real and meaningful test of sentiment, although I don’t see it happening today.

 

 

The AUDUSD after a mixed bag of employment data last night continues to shine in smalls, but again more a function of the USD leg rather than anything else. I still think we have another look at 1.0480 resistance just to test the waters before the shorts really start piling in. Til then, best perhaps not to get involved.

 

 

Finally a quick look at gold, which is currently playing in the 1660/65 consolidation area, with good offers and stops around the 1685 level. It’s all USD leg related as you might have guessed and if the markets are of the same view that I am regarding the USD today, then shorts will start to pile in towards that 1680 level, placing stops above 1690/95, looking for a move over the next day or so into 1630/35.

 

 

Good luck out there today folks it continues to be messy and macro themes/economic fundamentals NO LONGER MATTER!

 

http://www.tradingfloor.com/blogs/vekslers-forex-blog/this-market-does-not-respect-you-anymore-253458607