The Flying L Trader – January the 20th

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Market holiday in the US (Martin Luther King) so will be a slow start to the week. Some interesting things happening in the gold market and about the only thing worth looking at today. Have a look at these two articles.

Physical Gold Shortage Goes Mainstream

Other notable items is that S&P is sliding off but VIX is not going with it, I think this will change later this week. Also, Aussie stock market rallies almost every time the US has a market holiday on a Monday, will be interesting to see if it can do it today with bearish stocks and Aussie dollar to contend with.

DATA HIGHLIGHTS TODAY – Chinese GDP.

AUDUSD – Went straight through 88cents and closed on its lows for the week, a very bearish sign and I continue to be short Aussie in the short-mid term.
Resistance: 8890/9167/9300/9428
Support: 8720/8550/8300

EURUSD – Lagging behind the UK, US, Japan and China in growth terms 1.3420 is a realistic target this week. No setup for me in the day chart so might go down timeframes to participate since price action is no conforming to my fundamental view on it.
Resistance: 13733/13830/14065
Support: 13488/13420/13266

GBPUSD – Really is a battle across the wires on the cable. Choppy and going nowhere. I have said before and will say again, trade this long but not against the greenback. Not yet anyway.
Resistance: 16474/16610/16740
Support: 16300/15950/15830

NZDUSD – Now that we are at the 50ema, perhaps it’s time to test 8150….again
Resistance: 8475/8535/8607
Support: 8190/8131/8100

USDCAD – Ran back up to test 1.10 again and I am looking to short this back to 1.07 area, if I can get the proper entry on.
Resistance: 10985/11060/11290
Support: 10560/10420/10195

USDJPY – More sellers than buyers this year, apart from that one day last week. Still, the fundamental position remains solid so will still buy dips if the conditions are right.
Resistance: 105.57/108.35/110.50
Support: 103.34/101.65/100.00

GOLD – So, from the articles above you may get the idea to buy gold. That is not bad, but beware of paper gold, it has no value. The chart is starting to form an upside down or reverse head and shoulder pattern. Along with the double bottom of Jul and Dec 1180 has me interested in a break above 1265, I too then would become bullish gold, even the paper one.
Resistance: 1265/1,307/1,350
Support: 1,225/1,180/1,040

BITCOIN (from Mt.Gox exchange) – Spent most of last week inside range of 850-950, last trade 928.

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