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 higher after US jobs numbers continue to point to improving economy
  • Euro again fails at higher levels as traders continue to favour the short side
  • Aussie pushes higher from support at 1.0050
  • Dow gains 0.5% after jobs data
  • Gold lower, but oil continues higher

AUD/USD
The Aussie remains bullish in the near term with the potential to push up to 1.0220. A break above this level sets up a move to 1.0320.

GOLD
Gold remains capped at 1620/40 and traders will be looking for short positions while we trade beneath 1620. A break of 1560 will provide the next major opportunity for shorts.

EUR/USD
The Euro looks to be trading a tightening range at the moment and traders will be looking for a break below 1.3010 before taking new shorts.

GBP/USD
As per yesterday’s review, cable now looks to be in a clear trading range. Traders will be looking to take positions at the extremes of the trading range.

USD/JPY
The dollar-yen looks to be inching towards major resistance at 78.20. A break of this level could produce some buying. Until then, however, traders will be focused on shorts.

SILVER
For silver, 30.00 remains major resistance in the near term. Traders will be looking for opportunities to get short in the expectation of a move back to 28.70.

USD/CHF
The dollar-Swiss is looking stronger after the overnight bump from US jobs data. A break of 0.9400 could set up a move towards 0.9550.

GBP/JPY
The sterling-yen has been looking bullish ever since it broke out of the downwards sloping channel. A break above 122.70 will be seen as the next buying opportunity.

AUD/JPY
The Aussie-yen looks more bullish from here and a break above 79.40 should see a short-term continuation up to 80.00.

OIL
Oil’s been looking stronger with an improvement in US economic data boosting sentiment towards the ol’ Texas tea. A break of 100.00 could see further gains.
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