A 5-wave rally from Tuesday's swing low to Wednesday's swing high looks completed. Going forward, we should either see a sideways consolidation in the form of ABC wave pattern staying above Tuesday's swing low, or a sharp decline down to below Tuesday's swing low.
Key Level For Thursday is around 2720.
-- Consolidation above 2720 is bullish, and once completed NQ should rally back up to above last Friday 2747 swing high.
-- It is bearish below 2720, potentially declining below Tuesday's swing low, with next support at 2690.
The world’s leading economies are on the brink of a “currency war” to keep up with Japan and use devaluation to boost their competitiveness, Russia’s central bank said.
The yen touched its lowest level in two years this week against the dollar on bets the Bank of Japan will raise its 1 percent inflation target and introduce more monetary stimulus at its Jan. 21-22 meeting. The euro remained lower following a drop yesterday after Luxembourg Prime Minister Jean-Claude Juncker, who leads the group of euro-area finance ministers, said the currency shared by 17 nations is “dangerously high.”
Reciprocal devaluations would hurt the global economy, Ulyukayev said today. Russia’s central bank, which manages the world’s fourth-largest stockpile of international reserves, didn’t buy or sell dollars or euros in December for the first month since at least August 2008, when the regulator started publishing the data.
