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A higher GOLD in weak USD and lower US stock


EURUSD Pair
EURUSD grids up gradually with solid demands on the lower side. The EUR cross demands also helps the pair to go higher. After the FOMC expected outcome, today the focus will be on US NFP data (expected 180k, unemployment rate of 4.1%, average hourly earnings +0.3%) and any surprises will have some intraday impact. Also the US Factory Orders, ISM NY index, and Michigan Consumer Sentiment data also have a small intraday influence with support at 1.2465 and resistance at 1.3535 and 1.2585 still prefer to keep buying on dips with tight stop strategy.

USDJPY Pair
USDJPY slightly grids up after the BOJ increases the bond buying and capping the yield. With BOJ the unlimited buying of JGB at 0.11% in 10 years will calm the selling pressure on bond and yield capping which indirectly support the pair. Despite both US and Japan stocks re coming down. Kuroda’s repeated current unchanged policy and current inflation trend remains weak and that pointing for the current YCC policy will keep it go on as it is. Today will be focusing on US NFP data and also stock/bond market move which might have some intraday impact with support at 109.10-20 and resistance at 110.00-10. Still prefer the in range trading with tight stop strategy.

GBPUSD Pair
GBPUSD stays around similar level from yesterday despite of higher EUR and with more GBP cross selling. The uncertainty for Brexit and Theresa May politics as well as some long liquidation ahead of NFP, today’s UK Construction PMI and other US data and stock/bond market move will all have small intraday impact with support at 1.4190-00 and resistance at 1.4275-80. Prefer to keep selling on rallies with tight stop strategy.

USDCHF Pair
USDCHF lowers down gradually as EUR strengthens despite of EURCHF regains a 1.16 handle and some trends remain to follow the short term selling. Today the US NFP data, factory order, Michigan consumer confidence, ISM NY index as well as stock/bond market move will dominate the intraday action with support at 0.927 and 0.923 with resistance at 0.9315 and 0.9355 still prefer selling on rallies with tight stop strategy.

EURJPY Pair
EURJPY continue to go higher with the rebounding of USDJPY. After BOJ increases the bond buying and capping the yield effect, more signs for divergence of policy from ECB and BOJ will structure to lead in a higher EURJPY in medium term. Today the US NFP is the major focus and risk sentiment remains constructive despite small retracing of stock market. With support at 136.75 and resistance at 138, still prefer to buy on dips with tight stop strategy.

EURGBP Pair
EURGBP rebound as well as some short coverings after the cross holds an above 0.87 and strong demands on lower side will still support the cross in short term. A higher EUR and the worries on Brexit adds more cloudy picture for GBP in helping the cross to go higher. Today the US NFP data, UK Construction PMI and stock/bond market move will dominate the intraday action with support at 0.8750-60 and resistance at 0.8800 and 0.8850. Prefer keeping buying dips with tight stop strategy.

Gold Bars
GOLD higher gradually in following the broad USD weakening effect and the lower of US stock with UST yield stand around 2.78% will not have much impact for GOLD. Today’s major focus will on the US NFP data (expected 180k, unemployment rate of 4.1%, average hourly earnings 0.3%) and any surprises will set the next GOLD direction, in support at 1340, reistance at 1352 and 1357 still prefer in buying dips with tight stop strategy.

Silver Bars
Silver in around similar level from yesterday despite the slightly higher GOLD. With the GOLD/Silver ratio retraces slightly, the US NFP data and stock/bond market move will have some intraday impact in support at 17.2 and resistance at 17.70 preferring to buy on dips with tight stop strategy.


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