Rosen's Daily

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Gold is having a volatile Monday with open price at $1,246, a low of $1,244 and currently trading at its highest - $1,252. The precious metal is trying to beat the odds and had a very strong first quarter despite the many analysts and market experts who predicted that the US dollar will push down the price of Gold.

Since the start of 2017, Gold is up about 8.70%, or just a bit over $100. Gold opened at $1,150 and had it's high in the end of February at $1,264. Main trend on the short term remains strongly bullish. First level bulls need to take care of is $1,265, then comes $1,290.

Bears will use the opportunity to sell at $1,265 which means that the same is a good short entry. Bears major target is the 38.2% Fibo at $1,210.

 

[rosentray]

EUR/USD had some bad days recently as price went down with more than 250 points in the last couple of weeks. The pair went from 1.09 to a low of 1.0635 in a matter of a few days due to strong data coming out of the US. Also, technicals played a significant role as the pair circulated around the 200SMA. Bulls were unsuccessful in their attempt to go beyond it and bears took over.

The pair hit the prior pivot point at it's lowest today and was immediately backed up by the bulls who took the chance to go long and buy the dip. Price is now 1.0655 and has a good chance to continue up for the short term.

However, if bears break the support at 1.0630, the pair will most likely be vulnerable and this will increase the chances for it to go South.

 

[rosentray]

NZD/USD is having a hard time recently trying to keep up within the upward trending channel on the long term outlook. The pair reached support in the beginning of March at 0.6955 and went below the channel. Then somehow it managed to get back in sharply. Unfortunately for the bulls, the pair was inconsistent and started trading sideways until it gave up.

Today, the pair broke the support level again, indicating that the move to the downside may not be over. Price is now 0.6975 and the bearish momentum continues to gain strength.

First bear target is seen at latest low at 0.6885, while bulls' target is to get back in the trend. The economic US news this week might give a hint on the direction of the pair.

 

[rosentray]

GBP/USD is not showing any clear signs indicating where it will head next. After Article 50 was triggered, the pair did not react in any way thus causing traders and investors to guesswork their direction.

What actually happened after Art 50 was a consolidation in a narrow channel between 1.2570 and 1.2370. The pair is now trading at 1.2482, right in between the upper and lower trading line.

Major bull target is seen at 1.2670, while major bear target rests at 1.2040. Today's GBP news turned out to be positive for the UK and that reflected in appreciation of the pair, but only mildly. Sterling bulls will need something stronger in order for them to power through and reclaim their level above 1.27.

 

[rosentray]

EUR/USD continues to trade sideways with price gravitating towards 1.0670. This week's events will probably give a direction to the pair.

 

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EUR/USD is trading lower today. The pair seems to be losing ground on a stronger US dollar. CMP 1.0617.

 

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EUR/JPY continues to trade in the range between 117.90 and 117.50. The pair looks prone to the downside as bears try to take over and break the support line.

 

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EUR/USD has potential to go up in the next trading week. Potential bull target 1.07.

 

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USD/CHF reached a resistance level at current market price. Major bear target is seen at 0.9900.

 

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EUR/USD is trading at support in the early European hours of today's session. The pair is currently trading at 1.0583 with a low of 1.0570. Bulls are now trying to bring it up backed by strong fundamentals and strong short-term technicals.

What gives bulls confidence is the lower than expected non-farm payrolls - 98,000, well below expectations of 180,000. The US dollar, however, did not react negatively at all and it kept appreciating against the single European currency.

The pair is looking to appreciate if current level holds. If the US dollar goes below 1.0550, then the bullish run would be considered invalid. Bulls have the upper hand in the situation and are looking to potential first target at 1.0690.

 

[rosentray]

USD/CHF is trading at resistance gravitating towards 1.0095. The pair will need to break above 1.0120 in order for the bullish run to continue, otherwise bears will take control and bring it down below parity.

 

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EUR/USD keeps on gravitating towards the 1.06 level. The pair broke 1.06 and reached a high of 1.0606 a few hours ago. Current market price 1.0591.

 

[rosentray]

pair slowly started to depreciate, so far confirming the change of trend. USD/CHF appears to be looking South as price is getting back into the descending trading channel.

Current market price is 1.0080, intraday high reached 1.0107 and that was the moment when bears took control and brought it down again. It is still early to confirm that the pair has changed direction. It would be a good indication if today's close is below 1.0080.

Should the bear take over, the pair is expected to go below parity. Short term target is seen at 0.9953 while major bear target is seen at 0.97. The latest US news indicate weakening economy and that could be enough to drive investors away from the US for a while until economic conditions improve.

 

[rosentray]

Gold looks ready to regain investors' confidence as US equities consolidated and the US currency is weakening due to lower than expected economic data. Last week the NFP failed to deliver something to hold on and the effect is only now starting to be visible in the markets.

Gold made its last low at $1,247 and is now trading at $1,257 with a daily high of $1,258.70. The precious metal has been rallying since $1,195 in the beginning of March. Now, one month later, Gold is at a high of $1,270.67.

If the US dollar continues to depreciate, Gold will continue to appreciate. First target for the bulls is seen at last high of $1,270, which also can be considered a triple top by some analysts. After that level is reached, next target is $1,288 and then the psychological $1,300.

 

[rosentray]

EUR/USD appears to be strengthening in price. The pair is now 1.05977. First bull target is seen at 1.0828, second rests at 1.10.

 

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EUR/USD is going higher today after a few days of consolidation around 1.06. The pair is now 1.0616. First bull target is seen at 1.0625.

 

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Gold reached a high of $1,279. The precious metal may take a breather now and consolidate between $1,270 and $1,280 until Friday when important US data is coming out.

 

[rosentray]

Gold reached it's highest point since the election day in the US on Nov 9. The precious metal then reacted bullishly to initial results and after that went downhill due to the strong US dollar and rallying US equities.

Gold made a low of $1,122 on Dec 15 last year and since then it has been gaining in price. Gold is now $1,287 and is trading at the upper trendline on the medium term outlook.

If the level holds, we might see bears taking over the Gold market and pushing the price down to a first support zone at last low of $1,246. However, the trend seems solid and we might more likely see the metal going higher to a first and very important level - $1,300, the psychological target.

Today's US data might give the metal a more certain direction.

 

[rosentray]

EUR/USD is now trading at 1.0615 amidst mild volatility ahead of the US CPI and Advanced Retail Sales data.

 

[rosentray]

USD/CAD reacted strongly to last week's support when the pair briefly touched the support line at 1.3220 and then went to the upside. The gains, however, might turn out to be short-lived. After the initial impact, USD/CAD went to a high of 1.3342 and then the momentum disappeared.

The latest lower than expected US data that came out on Friday, the CPI and ARS, reflected in the price of the US dollar. USD/CAD is currently trading at 1.3297, down some 50 points until now.

The opening hours of today's session can be described as hours of low volatility and insignificant moves that could help traders and investors gain some insight about market sentiment and overall market conditions.