Kruger Insights Monday – December 30, 2013 by FirstMacro

BinaryOptionsNow | Published on December 30, 2013 at 10:55 pm

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By: Joel Kruger

Carpe Diem – Hope everyone enjoying the holidays. There really isn’t all that much to talk about on the fundamental front at the moment, though the price action has really picked up. This, not entirely unexpected in the very thin conditions, with remaining market participants hanging around to see how far they can push things on as little as possible. I wasn’t planning on taking any positions in these final days of the year, but when opportunities present that can’t be ignored, we should do our best to take advantage. On Friday, EUR/USD had been very well bid in European trade, before exploding to fresh yearly highs beyond 1.3835 (stop hunt extraordinaire) ahead of the North American open. I was off the desk with the family and got an alert on my phone to check what was going on. When I looked at the screen, I initially stared in disbelief, with the hourly EUR/USD RSI tracking just under 95!! This in conjunction with the razor thin conditions, and the market finally testing some longer-term falling trend-line resistance off of the record high from 2008, had me very excited about the rare opportunity to sell into the hyperparabolic move.

kruger insights december 30, 2013

Yen Can’t Catch A Bid – I sold at 1.3862, and the rest was history. The ensuing price action saw the Euro reverse sharply with the trade well in the money at Friday’s close. In an effort to mitigate risk, I took profit on half the position rather quickly, and moved my stop-loss to break-even. I am still holding the remaining half and will look to see how things play out on Monday. Elsewhere, the Yen has extended declines to a 5-year low against the buck, with USD/JPY looking to establish above 105.00. Still at this point, short-term studies are overbought, and I can not advocate buying at current levels, despite how bullish the outlook may be. Overall, there is room over the coming weeks for a push beyond 110.00, but I would not rule out the possibility for a decent pullback before the market looks to reassert. Moving on, GOLD has been consolidating around $1200 after recently stalling ahead of the multi-month lows from June at $1180. I suspect the consolidation to be bearish in nature and will be looking for a fresh multi-month low over the coming sessions below $1180. I still think there is room for further declines into the $1000 area before this market finally finds some decent demand. Finally, US equities show no sign of relenting, with the market once again breaking to fresh record highs. I am short the S&P at an average price of 1836 (fourth attempt in 6 months after taking losses on first two attempts and recently breaking even on the third), and will be looking for a pullback in the days ahead.

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