I want to get right on with levels I am watching out for today!
When the time is right, be ready…
As I said in my previous alert, we need to assess 1.555 and its
intentions. This is the most crucial level for £/$, as it could break the market once and for all.
If we see any downward pressure on the Indices next week, it will head lower toward 1.52
However, I really feel that the markets will hover around these levels after breaking the MA's to the upside recently.
There is some strength with recent acceptable data from strong fields, particularly the Fed raising benchmark rates.
It was not a great surprise, as they actually hinted they would do this, but did we really believe it would be so soon? No, we did not! So in respect, it was a little surprise.
I think this sends the right message to the markets, as we cannot hold off rising forever, otherwise the Fed will have no choice but to raise excessively over the medium/long term.
How can they really bolster an economy without realising this?
For now though, expect maybe one little spurt higher, or one channelling high range, before downward pressure ensues.
This could take 2-3 weeks. Within this time, I see the £/$ stretching no further than1.58, but honestly in my mind today, I do not se it above
1.555.
I see this heading toward 1.51 during the next 2 weeks, then 1.48 to
middle or the end of next month.
If we see a break below 1.54 tomorrow, please high no touches!
That is all for now...
God bless
Matt $haw
www.fixedoddssuccess.com
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