MBO Issue 57 (Sep 2016) A Storm Is Brewing
- Euro Monthly Pattern Locked
- S&P Seasonal Weaknesses In Pay
- Gold Short Term Trend Intact
- Big Picture Summary
Euro bounced off the 1.105 level on first test basis and gave us a measured move higher to mid 1.13. Since then long term resistance showing its strength and forced Euro back down to the channel resistance line before finding support.
S&P spent a month going consolidation thanks to the slow summer. Mini excitements like comments from Mrs. Yellen or NFP report did nothing much to change the current situation.
Gold experienced a similar consolidation period without fireworks. Even G20 summit did not give it a nudge strong enough in either direction.
Overall, a quiet month concluding the summer season as expected.
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