Price is approach the upper bounds of this consolidation range with daily resistance steady at the August 2013 high at 1433. A breach / close above this threshold is needed to validate the breakout with such a scenario eyeing subsequent resistance targets at 1451 backed by the 50% retracement of the decline off the record highs at 1483. Notes: A closer look at gold price action shows gold breaking above the weekly opening-range highs ...
NZDUSD is expected to be the most volatile currency. Ahead of the NZ inflation report, overnight implied vols have jumped by 4.9 vols to 12.25, which is the highest since the June RBNZ rate decision. This implies that NZDUSD ATM break-evens = 34pips(meaning that option traders need to see a move of at least 34pips in either direction in order to realise gains). Interestingly, risk reversals have flipped to positive at 0.1 (albeit relatively neutral), ...
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