Rosen's Daily
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USD/JPY continues its strongly bullish move that started on Election day when Trump won the Presidency. Since then, the pair has been trading sharply to the upside with price going from 101.20 to a high of 114.80. Main trend as of now is bullish as market sentiment shifted from the long-term bearish channel when the price reached a low of 98.97.
If tomorrow the news are for more jobs created and positive NFP data, we can expect further continuation of the bullish move. In light of that, first resistance is seen at current market price, which is also forming a double top at 114.80. If that level is taken out, we can expect price to reach 120.00 and even 121.70 to meet the second resistance.
The US dollar is definitely having the best time this year and it doesn't look like it's about to end with the end of the year. If we get a raise in mid-December and good tidings from President elect Trump the domination of the US dollar is bound to continue in 2017.
If tomorrow the news are for more jobs created and positive NFP data, we can expect further continuation of the bullish move. In light of that, first resistance is seen at current market price, which is also forming a double top at 114.80. If that level is taken out, we can expect price to reach 120.00 and even 121.70 to meet the second resistance.
The US dollar is definitely having the best time this year and it doesn't look like it's about to end with the end of the year. If we get a raise in mid-December and good tidings from President elect Trump the domination of the US dollar is bound to continue in 2017.
EUR/USD continues its sideways trading after yesterday's initial dive post-news. The pair reached below 1.0590 and is now back above 1.06 currently at 1.0624. Volatility is expected to remain low as we approach the NFP and Jobs data scheduled for tomorrow morning US time.
Despite the positive US news, the EUR/USD wasn't much affected. The pair remained in pre-data levels gravitating towards 1.0650. Now price is 1.0660 and it seems that it will stay that way until closing. Unemployment to 4.6% is positive with a nice move from 4.9. Here are the news:
USD Change in Non-farm Payrolls (NOV),
Actual: 178k
Expected: 180K
Previous: 142K
USD Change in Non-farm Payrolls (NOV),
Actual: 178k
Expected: 180K
Previous: 142K
USD/CAD is trading lower in today's session marking a third consecutive day of losses. The pair has been one of the most uncertain instruments to trade this year. Although it did have major swings up and down, since the end of January it depreciated with more than 2000 pips, thus becoming one of the top assets to lose its price in 2016.
Apart from that, since bottoming out, USD/CAD has been trading sideways making it very difficult for investors and traders to choose a direction and stick with it simply because there is no trend.
Lately, things haven't been much different. The pair went to a high of 1.3587 on Noe 14 and market multi-month high. After that high, it went as low as 1.3255 in today's session.
Lack of direction is the reason to be cautious when trading this market as price fluctuates to extreme highs and lows day in and day out.
Apart from that, since bottoming out, USD/CAD has been trading sideways making it very difficult for investors and traders to choose a direction and stick with it simply because there is no trend.
Lately, things haven't been much different. The pair went to a high of 1.3587 on Noe 14 and market multi-month high. After that high, it went as low as 1.3255 in today's session.
Lack of direction is the reason to be cautious when trading this market as price fluctuates to extreme highs and lows day in and day out.
Gold is struggling to hold price above $1,170 as bears were able to bring it below that price level a few times already in the past few days. The precious metal reached a low of $1,157 yesterday and is now trading at $1,170. Main trend remains bearish, it would take strong fundamentals against the US dollar to drive prices up and that, in current situation, is highly unlikely.
The euro has strengthened against its counterparts as yesterday's referendum turns out to be favoring the common currency. EUR/USD is now above 1.0750 and it looks like it is bound to go higher. In light of this, Gold price is falling, and the divergence between both is not a good indicator as they usually go in the same direction.
Gold remained unchanged in today's session. The press conference held by ECB President Mario Draghi did not move the precious metal in any way causing it to consolidate around an average level of $1,170. Currently, Gold is trading at $1,1171 with a high of $1,178.
Gold gave in to the bearish pressure that has been going on since yesterday's news that the ECB will continue its easy monetary policy. The strong dollar drive investors away from the safe haven and now Gold is trading below $1,160, currently at $1,159.
USD/CAD kept losing gains today as the pair reached a low of 1.3152. Bearish camp has taken control and now next target is 1.31. Main trend on the short term remains bearish, on the long term the latest move is seen as a correction to the upward trend.
EUR/USD managed to pull through the bear attack that has been going on for the past days. In November the pair went from 1.13 to a low of 1.05 then in December it climbed to a high close to 1.09 and now is trading at 1.0565.
The bear attack is far from over as this latest correction might be preparation to put the pair even lower - possibly below multi year low below 1.04. If the Interest rate goes up on Wednesday then we might witness a continuation of the sell off move and visit levels below 1.04.
However, it is possible that the move is already over and even if we get a raise we might not see a decline in price as the depreciation already happened.
Whatever the case, Wednesday will be the day where we find out the potential EUR/USD level for the year end.
The bear attack is far from over as this latest correction might be preparation to put the pair even lower - possibly below multi year low below 1.04. If the Interest rate goes up on Wednesday then we might witness a continuation of the sell off move and visit levels below 1.04.
However, it is possible that the move is already over and even if we get a raise we might not see a decline in price as the depreciation already happened.
Whatever the case, Wednesday will be the day where we find out the potential EUR/USD level for the year end.
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