Forex Analysis by HM CactusJack, 2011/02/20
Hello Crew hope you all had a nice weekend and a chance to recharge your batteries for the next trading week. I have updated the Key Levels Section on Sunday this week.
The first reason for this being the fact that Monday is a Banking Holiday in the US. This could lead to low trading volumes. You may also note that we traded up to Resistance Level 1 and 2 in several other Currency Pairs. Given the combination of these two factors I thought it was important for you to have this data available.
The news in the Middle East and North Africa over the weekend deserves close attention. The over throw of the 30 year Dictatorship in Egypt. The ouster of Mubarak has done nothing but inspire a fire storm of protest across the region. The number of the dead currently tallies 173 bodies in Libya alone. With similar protest in Yemen, Kuwait and Bahrain, and Morocco.
Now we await our Sunday Market Open.
Mommar Gadhafi has shut down internet connections.In the city of Benghazi the army opened fire on the Libyans protesting. The end result was a body count of 84 protesters shot dead. Libya has in effect become the next Egypt. I have no doubts that it will be in the news as we start the next trading week.
The markets in the Middle East open prior to ours and will give the first insight to our trading week.The market in Dubai has opened down 3.7%. The market in Kuwait down 2.5%. The market in Qatar down 1.6%. The market in Abu Dhabi down 1.9%.
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