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:

  • Euro debt plan headlines continue to drive sentiment with late pick-up in optimism overnight
  • Greek report leaked suggesting next tranche of cash will be handed over
  • Euro, Aussie both remain well supported in higher consolidation patterns
  • USD sees weakness after better Philly Fed and unemployment numbers
  • Commodities continue lower with gold, silver dropping sharply
  • Upcoming EU summit could result in big weekend gaps depending on outcome

AUD/USD
As per yesterday’s report, the major downtrend line is providing key resistance just above 1.0300 while horizontal resistance at 1.0370 will also cause problems for the bulls. A clear break of 1.0370 will see buying interest.

GOLD
Gold has continued lower after breaking below the bearish wedge. From here, the next major support level is 1600 with any move back to 1630/40 seen as another selling opportunity.

EUR/USD
There’s not a lot to add for the moment with the pair clearly trading in consolidation with support at 1.3660 and resistance seen at 1.3900. Traders will continue to play the range in the near term.

GBP/USD
The cheeky little pound bounced from levels just a few pips above our support levels and has now pushed back up towards the top of the range. As per the Euro, traders will be looking to continue to play the range.

USD/JPY
The dollar-yen pushed higher from 76.60 overnight but swiftly came back to ground. There remains clear support at 76.60 and traders will continue to focus on the long side while above 76.60

SILVER
Silver’s move lower has now been well and truly confirmed with the 30 level the next major level of support. A break below 30.00 will be seen as the next opportunity to sell.

USD/CHF
No change on the USD/CHF with the pair looking weak but still holding above 0.8900. The market will remain bullish while we hold above 0.8900 but a break below 0.8880 could be a trigger for the resumption of selling.

GBP/JPY
The GBP/JPY remains well supported above 120.00 with minor resistance seen at 121.70. A move back to 122.60 might see further selling from the market.

AUD/JPY
Like a lot of other pairs, there’s been no change on the Aussie-yen over the last 24 hours with the pair continuing to consolidate at higher levels Traders will be looking to play the range with a break out of the range also tradable.

OIL
Looking at the new December contract, crude has found support at 84.00 and sees resistance at 90.00. Overall, the tone remains slightly bullish with dynamic moving average support kicking in around 85.00. However, the weakness in other commodities could soon translate into crude.

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