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:

  • Overseas markets steady after Wednesday’s huge gains
  • European bond yields pull back in positive signs for markets
  • Aussie produces bounce from 1.0150
  • Gold, oil both ease lower after Wednesday’s massive moves higher
  • Global sharemarkets flat following Wednesday’s moves
  • The biggest release of the month due tonight with non-farm payrolls due at 12.30am

AUD/USD
The Aussie pulled back to 1.0150 before popping higher and this continues our bullish view of the market. A break of 1.0335 now looks like a possibility.

GOLD
Gold produced a false break above 1750 and this resulted in move lower back to 1735. Traders will not be bullish until we see a break above 1735

EUR/USD
Selling the Euro at higher levels has been the best strategy and traders are likely to focus on the downside in the near term. A break of 1.3410 could trigger further selling

GBP/USD
Cable pulled back to support at 1.5640/60 overnight proving traders with an opportunity to get long at lower levels. This pair looks bullish and a break of 1.5780 will see further buying.

USD/JPY
The dollar-yen looks more bearish now it has been unable to break above 78.00 and traders will be looking for shorts around this level.

SILVER
Silver’s produced a false break above 33.00 and this now looks bearish for the precious metal. Traders will be looking for shorts while we are unable to break above 31.00

USD/CHF
The dollar-Swiss looks more bearish with the pair unable to push above 0.9180. In the near term, the dollar-Swiss is in a short term downtrend and traders will be looking for shorts.

GBP/JPY
The sterling-yen continues to look bullish and traders will be looking for a move up to 122.50.

AUD/JPY
The Aussie-yen is still in consolidation pattern and traders will be playing the range in the near term. A break above 80.00
changes out view to bullish.

OIL
Oil’s pulled back to 99.00 and traders will now be looking to build new positions at these levels. A break of 99.00 changes the view to more bearish.

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