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 steady overnight with US closed for Thanksgiving
  • Euro pushed higher early but sees late losses as Italian bond yields move back above 7.00%
  • AUD flat over the last 24 hours
  • Gold, oil both inch higher in shortened session
  • Equity markets generally lower overnight with FTSE down 0.2%
  • Quiet night ahead with US Thanksgiving resulting in low volumes

AUD/USD
The short side remains the dominate strategy in the near term with the 0.9800 level providing resistance overnight. Tonight could be a quiet session, but a move up towards 0.9800 will be seen as a selling opportunity.

GOLD
Gold has used the 1710 as perfect resistance over the last 48 hours. Traders will remain focused on shorts in the near term with a move up to 1710 likely to be sold.

EUR/USD
The Euro been trapped under 1.3410 after breaking below this level over the last 48 hours and traders will stay focused on the short side. While tonight’s session might be quieter than usual, the Euro-dollar is likely to continue to provide short opportunities with Italian bond yields back over 7.00%.

GBP/USD
Cable has continued to plunge in recent session and there is now no clear support until near 1.5300. Traders will be looking to sell on strength in the near term.

USD/JPY
The dollar-yen looks to be producing a short-term rounding bottom and this could result in a short term move higher. However, and signs of reversal lower up near77.50 could see the sellers return to the market.

SILVER
No real change on silver with the precious metal still trapped within the trading range. Traders will be looking for shorts on any retracement to the top of the band or on a break lower.

USD/CHF
The dollar-Swiss is now looking like it is forming an ascending triangle. Traders will be positioning themselves to look for new longs on a break of 0.9240.

GBP/JPY
The sterling-yen has now broken below 120.00 and traders will view this as a chance to get short. A break below minor support at 119.40 could result in further selling.

AUD/JPY
The Aussie-yen is in a similar position to the GBP/JPY as it consolidates at lower levels after breaking below support. The next level of support is seen at 74.80 and a break of this level could trigger further selling.

OIL
Oil saw a small bounce higher overnight but the pair is still defined by the major support at 95.40 and major resistance at 98.60. Traders are likely to try and play the range at the extremes.

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