This week was very interresting. Mainly FED on wednesday and then BoE on thursday, when GU was being dumped the minute Frankfurt opened and London kept going, without any retrace. The BoE meeting then gave it the final hit. As scary as it looked for bulls, friday turned everything around. US news were positive, NON-FARM higher than expected and yet, USD was being sold heavily, which mainly EU used for a big bull run into FED’s highs from wednesday. GU couldn’t make it above 1400, but what didn’t happen on friday, might easily happen next week. From the look at the USD chart, bulls look pretty much done…I expect some climb up from them early next week, but then bears should take over. Since EU is more bullish than GU, for whatever reason, I prefer to wait for good long opportunities next week. Closing price was around 9960, so lets see how deep we can go from there. I would wait for monday’s action first…if indeed bears start with a downmove towards 9900 or below. When they do, I will start looking into long opportunities and targeting numbers above parity.
