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Sunday, February 2

1st Feb - W/E: Chart Show

Here are some random charts. First, couple of ones from the "others", followed by FX spot rates (monthlies, weeklies, dailies and then four hour-candles). Enjoy!

Previously on MoreLiver’s:

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The European banks have not deleveraged enough.

My guess? A combination: an LTRO, perhaps even vLTRO, with rules that the banks must use it to corporate / household lending - not to buy government- or bank bonds.

It looks like the EM panic will not stop any time soon. Another 1997, but with the EM consumer being now more important to the DM corporations, and with DM banks with plenty of assets in EM, the feedback from EM turmoil to DM would be much worse now than in 1997. Perhaps more like 1998 / LTCM-type of a thing?
Without the tax hikes the danger of deflation is clear. Even though cheaper commodities are suppressing the CPI, remember that even the core indices (than exclude more volatile items) are flashing warning lights. Additionally, CPI in Europe does not include house prices. And boy, does a drop in housing prices hurt consumer- and business optimism.
Oh, the Scandinavian house prices. I believe many forget that the fall in Denmark looks similar to EZ crisis countries. Outside the Nordics, Netherlands is feeling the same disease.
The monthlies: USDCAD looks strong. GOLD sits near critical support, with plenty of downside below. GBPUSD in a range. AUDUSD looks weak. JPY corrections (both EURJPY and USDJPY) look like the weak JPY-trend is losing steam for now. EURGBP negative.  EURUSD could be in or a deeper move down. 

The Weeklies: EURNOK trying a leg higher, USDCAD strong, GOLD weak, GBPUSD undecided, AUDUSD weak, EURJPY possible channel bottom soon, USDJPY possible correction low soon, EURGBP weak, GBJPY still way to go to channel bottom, EURSEK a bit bullish, EURUSD possibly making a swing lower.

The dailies: EURNOK below an important resistance, looks like it could try toget above it this week. USDCAD's uptrend accelerated in January, but looks it might need a pause now. GOLD just rejected a resistance, and could test the critical support next. GBPUSD approaching channel bottom. AUDUSD important resistance above, plenty of downside below. EURJPY, GBPJPY & USDJPY going down, but no clear levels or targets. EURGBP looks weak, at least to test the low, probably to new lows. EURSEK dull, EURUSD has more downside left.

The four-hour candlesticks .