Market will be open within 6 hours from now (1.13 am Malaysia time)..I am just doing some analysis and counting for EURUSD before year ended. Below is EURUSD as at 24/12/2010.. a day before Christmas, and now I am doing some projection for tomorrow.
Well.. if you noticed on Bloomberg, China increases interest rates to curb its fastest inflation in two years. So what will be the effect for USD? Fundamental always make me confuse..
Below is my wave counting for EURUSD, if major C is completed at 1.2975. As long as the price did not close below 1.2975, then I can say that EURO will be stronger than US Dollar. If the magenta counting is invalid (or price break the green area on the chart below) then we should proceed to the blue counting, where major wave C is still in.
Why I expect US Dollar will be weaken? By taking gold into consideration, I am expecting gold price will increase. Here is my analysis for gold price before the Christmas, and below is the latest chart for gold.
It is very rare that gold and US Dollar move in positive relationship, except the first day when we worried about Korean issue. Usually, if gold price up, US Dollar will down.
Another 3 days before year ended. I am expecting that gold price will test 1390..break that resistance will bring to 1394.3. So, for EURUSD, as long as the price did not break below the green area, I may look for buy set up. But not for this year.. maybe for the next year.