Market Updates

EUR/USD

The EUR/USD pair reached down to the low at 1.1190 area, after touching this level of suport it has been gaining some bullish momentum. The pair is currently trading close to one of our levels of short term resistance in the 1.1330-1.1300 range. Our current resistance stands at the 1.1460-1.1480 area. A breakeout to the upside may see the pair move to test the more distant resistance at 1.16600, the main level of resistance can still be seen at the 1.1700 handle. Our strong support still stands the 1.12000 - 1.1180 range. Will the NFP and US unemployment figure about to be released, how will the market react to the actual data?

 

 

5 Hour Currency Heatmap

The Currency Heatmap shows how the Australian Dollar has continued this week to be the strongest currency vs all of the other major currencies. The Japanese Yen still proving to be the weakest against all other pairs except across the board.

 

 

Gold

Gold is trading at $1,773, the precious metal has moved down since testing the $1,865 resistance, since then it has reached down to test the support at the $1,762 area. Now that we have seen the correction after the fast move up, we may be on the way to see the price of Gold continue to rise. Will we see a possible re-test of the $1,865 price before it continues higher? The level of strong support currently stands within the $1,760 - $1,745, a break of the support may see the price of Gold drifting back down towards the $1,725level. With the NFP news and unemployment data being released today we can anticipate an increase in volatility

 

 

 

*Source Investing.com Volatility Calculator

 

Volatility was gradually increasing since the low seen on the 07/11/2021, reaching its peak on the 12/11/2021 aroung the 2460 points mark. Since then we have seen a slight decline in the volatility.

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