Today’s Hot Asset for you to Trade On: EUR/USD.
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EUR/USD
Despite incoming data that should have had the pair pushed down, the EUR/USD traded above 1.2500 yesterday. European Central bank chief, Mario Draghi, addressed the 24th European Banking Congress this morning and stated yet again the bank’s keenness on expanding monetary stimulus.
German Bundesbank president, Jens Weidmann, will also speak today at 10.15AM (GMT), his words may effect movement on the Euro and send it even lower. Trading opportunities may be limited during today’s American session, as no economic releases are set to come out.
The trend is slightly bearish. Support is found at 1.2400 and resistance at 1.2600.
Trend: Slightly Down
USD/JPY
The USD/JPY delivered a new 7 year high, on Thursday. However, the pair has since that dropped back to 117.30. Japanese Finance minister, Taro Aso, has been stating that the drop in his country’s currency value lately is too sharp. As may be the case, he does not see it fit to intervene as yet.
The trend is slightly bearish. The support line is found at 117.30 and resistance line at 119.00.
Trend: Slightly Down
Gold
Speculation over the Swiss referendum pulled demand up for Gold, as it traded above $1,190/ounce yesterday. Physical demand picked up on the back of the year-end festivals. Despite the strong US data, price for the yellow metal did not fall and traded near $1,200/ounce.
Stock market changes may cut recent gain. The movement is sideways. Support is found at 1,175 and resistance at 1,205.
Trend: Sideways
Crude Oil WTI
WTI Crude oil continued Wednesday ascent, on Thursday and reached $76.60/barrel. Recently released US housing data and the Philadelphia Manufacturing index movement, refuelled demand for oil. However, a further significant increase or decrease is not seen to be likely, as the market awaits the results from the coming OPEC meeting. Most analysts believe that the price will trade lower in the coming week.
The trend is sideways. Support is found at 73.25 and resistance at 76.60
Trend: Sideways
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