Forex Market Analysis with David Long and Knowledge to Action
A quiet night overnight, only thing of note was the British retail sales surge, which helped the trade we have on. Commodities were bid higher with oil up 1% although gold was steady. Bonds were off as was the VIX indicator as stocks were flat across the board. All leads to a steady run into the weekend and end of month & end of financial year in some countries. Big week of data next week with Central Banks and Non-Farm Payrolls.
DATA HIGHLIGHTS TODAY – UK Current Account
AUDUSD – Powering along with more HH’s as momentum tops out above 80 and we are against resistance. Trailing stops brought in close to protect the profit we have now.
EURUSD – Is the weakest of the majors at the moment and I am still on the fence for the time being.
GBPUSD – A good run overnight that allows space to get stop to breakeven.
NZDUSD – Very strong off the back of trade balance figures, we have divergence though so will be looking for sellers here.
USDCAD – We are at the 50ema as P2 completes. Patiently waiting for the buyers interest to come in.
USDJPY – Still doing nothing and not interested.
GOLD – Weakend further through the support level and is now oversold. The UN voted the Crimean election as bogus, so if that vein allows the US and EU to push Putin harder and things escalate gold should rally again. Otherwise there is little reason to own gold right now.