Things I'll be watching over coming days/week

Things that I’m watching, FX wise, over the coming days/ week!

I’m back from Hawaii, as many of you know, but I'm still suffering the side effects from this trip. As I had blogged in my travel blog, it was as if Scottie and Captain Kirk from the Starship Enterprise had beamed us right back into the 70s... with Gilligan and the Brady Bunch etc! So, to complement this scene I have zoomed back into some music from that era too. One example is below so, load it up, turn it up, and finish reading my blog to see what I've got my eye on over the coming days/week. PS: For you Gen Ys out there who may never have heard this...too bad!

http://www.youtube.com/watch?v=NCIUf8eYPqA

USDX

The USDX is back to hanging around the strong previous support / resistance level of 80. I’ll be watching to see if it continues its ascent and makes it to the 81 level. If it manages to break, close and hold above the 81 level then, I think we could be in for a bit of a further run up from there as there isn't too much more in its path. Have a look at the monthly and weekly charts to see this.

I’m certainly not making any predictions about where the USD is going to go. I’m just looking at the technical patterns on the charts and, sort of, extrapolating. It’s what I do. What I am saying is though, is that these are the key areas to watch out for over the coming days. It could just as easily break back down. Then, I would be looking for a break, hold and close below the trend line.

Silver

I know that most of the planet is bullish about Silver and Gold but I’m not so convinced. I’m aware of the fundamental reasons supporting a bullish view on precious metals. I’m not stupid. Looking at the charts though, Silver looks quite bearish to me. We’ve just had a bearish head and shoulder pattern evolve on the daily chart of Silver. Right now, price is stuck under the neckline of the H & S pattern and just above the bottom trend line of a symmetrical triangle. Price might continue to bounce around within the triangle for a bit but, to me, it looks like it ‘wants’ to break down.

A continued rally in the USD would tie in with a break down in Silver. Again, I’m not making predictions. I’m just saying what I’m watching.

You must always trade what you see and adhere to your own safely developed, strict money management rules.

I’ve been thinking more about some other issues to do with the Indices. I’ll update my blog about this when I get a chance.

Have a safe and happy Christmas guys.

Chat later.

Mary