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U.S. Non-Farm Payrolls report on Friday showed a gain of only 98K but the underlying metrics were strong with the headline unemployment rate falling to 4.5%, its lowest reading since mid-2007. The under-employment rate (U6) also saw an outsized downtick to the tune of 8.9% from 9.2%. Gold spiked on the release only to reverse sharply early in the US session. Heading into next week, the trade remains vulnerable sub-1258 with interim support ...
Bulls of GBP/USD will be encouraged by a well-defined pennant formation on the daily chart (see below), a continuation pattern that points to further strength after the pair’s climb from 1.2113 on March 14 to 1.2613 on March 27. If the formation works as it should in theory, a break to the upside above 1.2465 in a few days’ time could lead to an advance equivalent to the height of the “flagpole” – that five-big-figure advance between March 14 and March 27 – taking it to 1.2965. ...
EUR/USD “Recall that a key reversal occurred in January. There is divergence with RSI (monthly and weekly) and the decline from 2008 channels. The described conditions suggest a major bottoming scenario but if a new low is made then pay attention to 1.0200 (channel line).” Not much of anything has changed for EUR/USD on the long term charts. The downward sloping parallel near 1.1150 remains resistance as well as the trigger line for a major ...
-“DXY continues to trade on parallels that are defined by the 2016 support line (from the May low). The yearly opening price is 102.38 and could influence for a reaction. I’d also pay attention to 100.39 (March 2015 high…here we are 2 years later by the way…basically unchanged!) for support. A break through one of these levels ideally offers something to work with from a trend perspective.” Decision time as DXY is trading 100.39! A weekly close below ...
USD/JPY Weekly USD/JPY has turned up within its channel but preference remains for sideways trade. There are a few reasons for wanting to fade strength and buy weakness (range trade), chief among them is the fact that the 13 week average is flat and price levels are well defined. Generally speaking, 115.50-116.00 has been important on both sides of the market since December 2014. As long as price is below the level, the zone is resistance. ...
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