Forex Market Insight 08 July 2011
-
Upload
international-business-times-au -
Category
Documents
-
view
220 -
download
0
Transcript of Forex Market Insight 08 July 2011
8/6/2019 Forex Market Insight 08 July 2011
http://slidepdf.com/reader/full/forex-market-insight-08-july-2011 1/4
Market Insights 8 July 2011
Big night for traders as ECB raises rates and US job numbers beat forecasts
Euro plunges toward 1.4200 on rate decision before rallying on ECB press conference
US ADP jobs numbers ahead of expectations in lead-up to tonight’s non-farms
Gold steady, but crude continues move higher
Dow pushed 0.7% higher on better jobs dataBiggest event of the month tonight: US non-farm payrolls at 10.30pm. Market expects 88,000 increase
Headlines
AUD/USD
XAU/USD
Resistance
1.0780/800
Support
1.0660Market Sentiment
Bullish
The Aussie saw a very strong session overnight and this means the market will maintain its bullish tone. All eyes are on abreak above 1.0780/800 as this sets up a potential medium-term move to 1.1000.
Gold is currently consolidating between 1525 and 1535 as the market waits for the next break higher. Gold has gainedaround US$50 so far this week and the market is clearly bullish. A break above 1535 sets up a move to 1555.
Resistance
1535
Support
1525Market Sentiment
Bullish
8/6/2019 Forex Market Insight 08 July 2011
http://slidepdf.com/reader/full/forex-market-insight-08-july-2011 2/4
EUR/USD
GBP/USD
USD/JPY
The USD/JPY used the strong jobs numbers overnight to break above resistance at 81.25, but at the moment it’s a line-ball cawhether the pair can hold above this key level. While the pair holds above 81.25, the market is likely to be bullish, but a cleabreak below 81.25 sets up a new move to the 80.40/60 region.
There was no real action in the ‘cable’ overnight as the BoE kept rates on hold as expected. For now, the downtrend remainsin place, with resistance seen at 1.6100 and support at 1.5920. Tonight’s non-farm payrolls could be the eventual trigger for along-awaited break below 1.5920.
The Euro was sent lower overnight as the ECB announced a widely-expected rate increase of 25 basis points. However, suppowas found just above 1.4200 and hawkish commentary from the ECB saw the EUR stage a strong bounce from the lower end othe symmetrical triangle. The market now expects a continuation back to 1.4450 before the sellers re-emerge.
Resistance
1.4450
Support
1.4200Market Sentiment
Bullish
Resistance
1.6100
Support
1.5920Market Sentiment
Bearish
Resistance
81.25
Support
80.40/60Market Sentiment
Bullish
8/6/2019 Forex Market Insight 08 July 2011
http://slidepdf.com/reader/full/forex-market-insight-08-july-2011 3/4
SILVER
USD/CHF
GBP/JPY
The GBP/JPY remains trapped under the multi-week downtrend line and traders will be looking to take new shorts on any movback towards the downtrend line. Support continues to be seen at 128.30.
The USD/CHF remains trapped in the range with traders waiting for move to either end of the range before taking positionsTraders will be looking to take longs at 83.30 or shorts at 85.50. A break below 82.80 changes the view to bearish.
Silver continues to gain in line with other precious metals with the last 24 hours seeing a small step higher. Silver now looks tohave cleared the top end of the triangle formation and this sets it up for further gains. A break of 36.80 is likely to see furthebuying.
Resistance
36.80
Support
35.70Market Sentiment
Bullish
Resistance
85.50
Support
83.30Market Sentiment
Rangebound
Resistance
130.30
Support
128.30Market Sentiment
Bearish
8/6/2019 Forex Market Insight 08 July 2011
http://slidepdf.com/reader/full/forex-market-insight-08-july-2011 4/4
AUD/JPY
OIL
Economic Calendar
The information contained in this communication is intended for informational purposes only and is not by any means t o be considered "research". Forex Capital Trading Ltd and all of its subsidiaries and affiliates (“the Company”) endeavo
to ensure that the information provided in this communication is complete and correct but do not guarantee its accuracy or reliability. Information, data and opinions may change without notice so readers must check any material item(s) wan advisor before making any trading decisions. The Company is not obliged to update you if the information or data changes. The Com pany does not provide investment advice or m ake any recommendations to investors or traders. Tinformation and analysis in this communication is derived from a variety of sources and using methods that a reasonable person would deem to be reliable. However, the Company cannot accept r esponsibility for any trading losses you mincur as a result of your reliance on this analysis or information. We will not be held liable for the consequence of reliance upon any opinion, statement or omission contained herein. Investors should consult with a certified financial advisbefore engaging in any trading activities. AFSL306400
Forex Capital Trading – Ph 1800 ForexCT
F/Cast Last F/Cast Last
» AUD: RBA Assist Gov Debelle » CAD: Unemployment Rate 7.4% 7.4%
» CHF: Unemployment Rate 3.0% 3.0% » CAD: Employment Rate 12.7K 22.3K
» EUR: German Trade Balance 12.8B 12.0B » USD: Non Farm Employment 88K 54K
» GBP: PPI Input m/m 0.1% -1.2% » USD: Unemployment Rate 9.1% 9.1%» GBP: PPI Output m/m 0.1% 0.2% » »
The crude market has recently followed a very precise ‘step-up’ pattern in which it trades in increasingly higher bands.
After last night’s move higher, support now rises to 97.70 and resistance rises to 99.40.
The better-than-expected Australian job numbers yesterday helped the AUD/JPY higher after bouncing from levels just abovesupport. From here, the trading bracket moves higher, with support now rising to 87.00 and resistance rising to 88.10.
Resistance
99.40Support
97.70Market Sentiment
Bullish
Resistance
88.10Support
87.00Market Sentiment
Bullish