Today’s Hot Asset for you to Trade On: GBP/USD.
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GBP/USD
Following the disappointing Japanese GDP data, the dollar showed signs of strength dropping the GBP/USD on Monday. The price then started to range between 1.5615 and 1.5660. In spite the release of the U.S Industrial Production data which revealed that output in October decreased by 0.1%, the reading was anticipated to increase by 0.2%. Volatility persisted to be low.
More trading opportunities are expected today. The U.K. CPI data will be released today at 9.30AM (GMT). The report is expected to show an increase of 1.2%. The U.S. PPI data will be available later on at 1.30PM (GMT). The data is broadly expected to bring a negative change on finished goods and service prices. The change may pull the pair above its resistance at 1.5670. The trend is slightly bearish. Support is found at 1.5590 and resistance at 1.5670.
Trend: Sideways
EUR/USD
The pair achieved a high point of 1.2575 yesterday, but has fallen around 130 pips and is now trading around 1.2440. Initial reaction to the negative Japanese GDP data gave the dollar a back wind. Later in the day, Mario Draghi, the European Central Bank president testified before Economic and Monetary Affairs Committee. Draghi clarified that European growth momentum is slowing, this along with low inflation rates of around 0.4% is prompting analysts’ belief that coming forecasts will be revised downwards. The Euro did not go down significantly despite Draghi’s dovish remarks, as the market had already priced in these facts.
The pair climbed back up to 1.2470 during today’s Asian session. The market is now in wait as the German ZEW Economic Sentiment report is set to be released at 10.00AM (GMT). The pair is expected to drop towards its support at 1.2400, If the figure is lower than 0.
The movement is sideways. Support is found at 1.2400 and resistance is at 1.2575.
Trend: Sideways
Gold
Gold was traded yesterday above its support level at $1,180/ounce. A further climb to $1,200/ounce is expected, as the price holds its level above $1,180/ounce. Along these stats, fundamental U.S. data is on the rise and this is pushing the price down. The best strategy for now would be to wait until the price leaves this narrow trading channel. The movement is sideways. Support is found at 1,180 and resistance at 1,200.
Trend: Sideways
Crude Oil WTI
WTI Crude Oil continues to trade on a very slim channel between $74.70 and $75.70/barrel. Low volatility is resulting on speculation caused over next week’s OPEC meeting. Many reports showing lower demand and rising supply are pushing the price to a 4 year low. Analysts believe that OPEC will maintain the current rate of output; however, the price is not dropping lower as traders are not taking any unnecessary risks. The price of Crude oil may drop another $10-$20 before it moves up again, according to Reuters.
The trend is sideways. Support is found at 73.25 and resistance at 76.50
Trend: Sideways
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