Daily Trading Opportunities – Monday, May 22
With an almost nonexistent economic calendar during the day on Monday, this should end up being a relatively technical session.
The US dollar fell slightly against the Canadian dollar on Friday as oil markets continue to press the $50 handle. If we can break down below the 1.3550 level, put buyers will probably become a bit more aggressive, at least for the short term.
The German index rose slightly during the day on Friday, after forming a nice hammer on Thursday. This is a technically significant bullish sign, and therefore it looks as if the call buyers are starting to come back into the marketplace. With that being the case, one would expect that they will be aiming for the €12,800 level again just above.
Gold markets rallied slightly during the session on Friday, as the $1245 level continues to offer support. The market has been consolidating between there and the $1260 level, so it makes sense that the call buyers are active again. If we can break above the highs from the Thursday session, the market could go higher.