Day Trading Course, Commodities Liquidation Generates Huge Volatility – Euro Is Slammed

Posted by Edge on May 6, 2011 in Day trading course with No Comments Yet

None of the events over the last few sessions
would likely have prompted such sharp moves on their own but the combination
proved too much for an already fragile investor risk appetite. These
events came as a perfect storm for risk trades which had been characterized by a
positive correlation between equities, commodities and the EUR. Trichet’s
comments during his press conference post the ECB interest rate decision, were
taken as dovish prompting a selloff in the Euro. The lack of the wording that
expressed “strong vigilance” gave investors a pause relative to the timing of
the next ECB rate hike. The extension of a rate hike to the July meeting had
investors selling the Euro.

Commodities Liquidation Generates Huge Volatility

Riskier assets received a boost on Friday
after a better than expected Unemployment report. Nonfarm payrolls rose
by 244,000 in March as the private sector posted the strongest employment gain
in five years, according to the Labor Department. The March data were revised
upward to show an increase of 221,000 jobs, from a previous estimated gain of
216,000. The unemployment rate, which is obtained from a separate household
survey, rose to 9.0% last month from 8.8% in March. It was the first increase in
the jobless rate since November, when it hit 9.8%.

Euro Gets Slammed

The Euro reversed course near the upper end of
the trading range, retracing the prior week’s gains. The currency pair
has shed approximately 4 big figures in the last two trading session. The
EUR/USD could test trend line support near 1.44, resistance is seen near
1.49.

Forex Chart EURUSD

Oil
Colapses

Commodity liquidation lead to a crash in oil
prices which plunged $16 dollar this week, bouncing on support near
$97.00. Resistance is now seen near 107.00. The stochastic are heavily
in oversold territory on crude.

Oil Chart

1834

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Day Trading Course, Commodities Liquidation Generates Huge Volatility – Euro Is Slammed

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