The Forex Market Insight Report shows charts on different major currencies and commodities, with brief commentaries on how new data releases and news cause movements in the market.

Headline:

  • Markets steady after Monday’s large falls, but no real change in sentiment
  • Euro ends slightly higher but remains in the broad trading range
  • AUD remains under major resistance at 0.9880/900
  • Gold, oil both creep higher as heavy losses in the previous session
  • Dow down 0.5% in choppy, but mostly neutral, trade
  • Chinese PMI at 1.30pm will be the day’s major event; US unemployment out tonight due to Thanksgiving

AUD/USD
As we have seen with many other markets overnight, the Aussie is trapped in a consolidation phase at lower levels and traders will be looking for a continuation of the recent down move. A etracement to 0.9900, or a break below 0.9810, will be the next opportunity for shorts.

GOLD
Gold pushed back into the sell zone just below 1710 and traders will now be looking for shorts around this level. A clear break above 1710 could shift sentiment to a more neutral bias.

EUR/USD
The Euro continues to trade in the range with a push up to resistance e likely to be seen as a chance for new shorts. However, all eyes are now on 1.3420 and a break of this level could result in rapid selling.

GBP/USD
As per yesterday’s report, the GBP/USD pushed up to resistance at 1.5700 before it was hit by the sellers. From here, levels just 1.5700 are the ‘hit zone’ and traders will be looking for shorts around this level.

USD/JPY
The dollar-yen saw another sharp move higher overnight but this only provided another opportunity to get short. The market will continue to use any move higher as a chance for new shorts.

SILVER
Silver surged higher overnight pushing the precious metal up to a major resistance level near 33.20. Traders will be looking for new shorts around this level with the potential to move back to 30.70 in the near term.

USD/CHF
The dollar-Swiss pulled back to 0.9100 overnight and aggressive traders could be looking for longs around this level. After the recent choppiness in this pair, however, traders will be positioning themselves to look for new longs on a break of 0.9240.

GBP/JPY
No real change on the sterling-yen as markets consolidate their recent moves. A retracement back into resistance, or a break below 120.00, will be the next opportunity to short.

AUD/JPY
Like most other markets, the Aussie-yen has calmed over the last 24 hours. The bias remains to the downside with a push up to the top of the range at 76.25 offering a chance for new shorts.

OIL
Crude’s right in the middle of the range but the bias remains to the downside. We’d be looking for a retracement back to 98.60 in order to take new shorts.

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