Key Chart Inflection Points
Main charts to keep an eye on over the next week, via Goldman Sachs, which sucks at predicting GDP but is good at providing "market color." Remember: when in doubt use cephalopod reverse psychology.
EURUSD ST - Corrects lower, but underlying trend looks intact as long as above 1.4480-1.4448. The 55-dma should also be good support at 1.4587.
EURUSD Seasonality - November-December tends to be a postive period. Over the past decade the market has closed up 8 times and down only 2 over this period, just something to keep in mind.
USD index - Consolidating above the 76.4 of the bounce from the March '09 lows. This is an important level so we are watching very closely for any signs of a base. 55-dma at 77.00 critical.
Oil - Bounces from above the pivot region 75.27-73.38. The break looks intact with chances of a test of the 89.84-90.51 resistance region still in place at this stage.
Gold - Corrects but holds support around 1,030. The target of the triangle break hasn't been met as yet.
S&P - 1,051-1,045 looks the pivot to watch for now. The market made only a very marginal close below on Wednesday. For now too early to say this is more than a correction.
USDJPY - Consolidating following initial bounce from the 7th October lows. The signs of a base developing remain for now, but it needs yield support.
U.S. 2-year yields - Continuing to watch developments here very closely. 1.03-1.07% looks the most important pivot to watch. Above there 1.38-1.45%.
Nikkei - Looks the weakest of the G10 markets. Has moved to initial support of the H&S top neckline, but overall looks very heavy.
Japanese 10-year yields - Breaking higher with the curve steepening. The 10s2s curve in Japan looks like it can run to the '04 highs at 162 basis points 10s over 2s.
EURSEK/EURNOK - Correct higher but hold the right levels for now. Overall still look heavy at this point.
AUDUSD - Corrects within broader uptrend. Pivots on the dowsndie 0.8858 then 0.8730-0.8726.
AUDNZD - Looking increasingly bullish. Now on track for a bullish engulfing week in addition to the bullish weekly reversal against the lows. Back to the April highs at 1.2938?
NZDUSD - 55-dma a very clear pivot here. The market has been above on a close basis since 17th March. Stands at 0.7123. Close below would leave the 200-dma currently at 0.6224.
USDINR - Correction done? Today (Thursday) the market has posted a very agressive shooting star (blow out) pattern against the high of the correction. Structurally still looks heavy.
INRJPY - Interesting way to be short-JPY? 76.4 retrace against the all time low form January. Overall looks bullish.