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Ahead of the Non-Farm payroll today.

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Momentum in the USD strength has changed for certain pairs – most notably the EUR and GBP – but it is possible that it wouldn’t last for long.

 Nothing in particular has fundamentally changed outside the price action and a diminishing of near-term European political risk premium.

There is still a relatively slow global economic recovery, with downside risks, and, in such a world, we continue to believe currencies with fiscal flexibility are best placed to recover faster than those with more stretched debt dynamics.

It is also possible that the AUD and NZD will hold  on to recent gains and even strengthening further in the next year.

 Gold built on the ongoing rally and retouched all-time highs at $2075.32 on Friday before pulling back sharply towards $2050, as focus shifts to the US Non-Farm Payrolls data (NFP)  for a fresh direction. The upside bias remains intact as markets expect the US economy to add 1600K jobs in July vs. 4800K job gains seen in June, suggesting that the worsening coronavirus situation is slowing down the jobs growth and economy.

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Forex Trading

Gold aiming for new highs.

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Gold is ready to take out a powerful resistance at $1862, which is the intersection of the previous day high and Fibonacci 38.3% one-day.

Up next, a dense cluster of major resistance levels is put up around $1862, where the Fibonacci 23.7% one-week, SMA100 four-hour and SMA100 one-hour coincide.

The buyers will then target the SMA50 one-day at $1870.

Meanwhile, a lack of healthy support levels makes gold look vulnerable, with an immediate cushion seen around $1848, which is the convergence SMA100 and 50 one-hour and SMA10 four-hour.

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Forex Trading

XAUUSD eyeing upside above $1916

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Risk sentiments joins the precious metal’s ability to stay beyond 50-day Simple moving average to attack the 100-day Simple moving average level of usd1,904.54. However, any further upside will eye for a multi-day-old resistance line around usd1,917.

Should gold buyers manage to cross usd1,918 on a daily closing basis, November’s high near usd1,965/67 will be in the spotlight.

Meanwhile, a downside break of 50-day simple moving average, at usd1,871 now, will attack an upward sloping trend line from November 30, currently around usd1,843.

If at all the commodity sellers dominate past-usd1,843, the monthly low near usd1,776 may return to the charts

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Forex Trading

Gold sees heavy loss.

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The precious metal picks up bids around usd1,840, up 0.21% intraday, during early Thursday. The yellow metal marked the heaviest losses since November 24 the previous day but 200- hourly moving average triggered the much-awaited bounce.

The U-turn gains support from the receding strength of negative monthly average convergence divergence signals to suggest further upside towards 100-hourly moving average , at usd1,852 now.

However, a downward sloping trend line from Tuesday, near usd1,857 now, will challenge gold buyers ahead of highlighting the recent top surrounding usd1,876 on their radars.

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