Friday, 5 October 2018

FX TS

Posted by Olga Gorinina at 13:05 Labels:

EUR / USD
The situation in this market is characterized by a local corrective pullback from Wednesday's lows in the $ 1.1460 area. On Thursday, the pair continued to gain and adjusted to the area of $ 1.1515, now this is the area of strong resistance, and at European trading on Friday, we see a slight pullback of the pair from these levels. How events will develop further in this market will show today's trading session. Friday is the last day of the week, also ahead of us there is the publication of important data on the US labor market. Bulls have a real chance to return a pair above $ 1.1515 and close the week above this mark. This would bring medium-term positive sentiment back to the market. But of course bears will not give up this mark without a fight. We recommend to stay out of the market and follow the development of the situation.
Trading recommendations - out of the market
GBP / USD
On Thursday, British currency showed a positive trading session. GBP/USD was able to grow to 1.3060 on the move overcoming the resistance level of 1.3000. Today, the pair has somewhat adjusted, in early European trading, the pair is in the 1.3035 area. The closest support is located in the 1.3000 area. Let's see how the current week will be closed and do not forget about the increased volatility at the start of the American trading session.
Trading recommendations - out of the market
AUD / USD
The weakening of the Australian currency continues, although at a somewhat slower pace. Today, the pair is trading 0.7060 levels in early European trading. We maintain our expectations regarding this market - the medium-term weakening of the Australian dollar on the complexities of the Chinese economy and trade contradictions.
Trading recommendations - shorts when the market pulls back
Gold
The situation in the gold market continues to be in the spotlight of entire FX market. Yesterday, the bulls were undertaking a local assault on the level of $ 1206, but the proximity of NON-FARM determined increased volatility, but not the directional trading. As a result, on Thursday, gold pulled back and closed at $ 1199. Support is located in the $ 1196 area. We are waiting for the market reaction to the release of data on US labor market and analyze the weekly market closure.
Trading recommendations - out of the market
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