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 end the week mixed as market signals confuse investors.
  • US markets close higher amid expectations of an EU resolution. DowJones +1.55%, S&P 500 +1.69% and
  • the Nasdaq +1.94%
  • 26 of 27 EU Members agreed to tighter integration
  • AUD trade balance insight this morning.
  • Gold was sold going from around the 1750 mark into the weekend to rebound back to around 1715.

AUD/USD
A wild ride for the AUDUSD on Friday night as fresh selling out of Europe seemed to push the AUD through critical support of 1.0070as concerns about the outcome of the European summit emerged. The summit ended with a tentative agreement to tackle the regions debt crisis and the AUD rebounded strongly late in the session to be once again mid-range.

GOLD
Gold seems locked in a tight range at the moment. Gold still looks most likely to break this range to the topside again to retry 1750.

EUR/USD
As discussed on Friday literally anything did happen with a move to 1.3280 low before a rally back to 1.3432 testing both sides of current range before setting back in the middle of it.

GBP/USD
Again the GBPUSD mirrored the moves of the embattled EUR on Friday night with firstly the lows then the highs tested on current range. Prime Minister Cameron’s reluctance to join the European Union without some assurance of fiscal sovereignty has cast doubt over whether the Euro debt crisis can actually be resolved. Traders looking to short at 1.5690 or 1.5770.

USD/JPY
USDJPY is continuing to trade sideways consolidating current levels. Overall bear pattern the most likely to emerge again if this range to be broken

SILVER
Silver at fairly crucial levels with a break of 32.25 to yield 32.75 however doesn’t feel like we have the momentum to break this current range so may provide good selling opportunity.

USD/CHF
Again USDCHF continued its march higher overnight with this pair looking most likely to break higher thru resistance at 0.9225.

GBP/JPY
This pair is feeling heavy with 120.80 area looking to be crucial support. Penetration of this level to provide further momentum for shorts.

AUD/JPY
This pair looks trapped in a very tight trading range of 78.90/79.40. Look for break of this range to provide further clues of next direction.

OIL
Positive sentiment seems to have escaped oil over the last 3 days with 100.00 now looking as pivot point.

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