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Market remains to focus on stock market action


EUR/USD around similar level with yesterday despite overnight spike up to 1.2018 on short covering and EUR cross rebound effect, market remains to focus on UST yield and stock market action and rather passive response in currency market, today US data and stock/bond market move will have some intraday impact, support at 1.1900-20 and resistance at 1.1980-00 region, still prefer to buy on dips with tight stop strategy.

USD/JPY grid higher slightly after yesterday testing low of 111.28 and higher UST yield correlation break out after BOJ reduce JGB purchase and market still worry about BOJ earlier rate normalization process but oversold technical and still huge buying size on BOJ currently will remain supporting USDJPY on lower side, today US data and stock/bond market move will have some intraday impact, support at 111.30 and resistance at 112.20 and 112.50; still prefer keeping buy on dips with tight stop strategy.

GBP/USD grid lower gradually with choppy range consolidation with soft bias remains the current theme, broad GBP cross weakness also adding some pressure for GBP as well and market remain to worry about upcoming Brexit negotiation talks and today BOE Credit conditions survey as well as US data, stock/bond market move will have some intraday impact, support at 1.3470 and then 1.3420 with resistance at 1.3520; still prefer in range trading with tight stop strategy.

USD/CHF lower slightly on some replacement for EURCHF but the cross remain hold around 1.17 handle and EUR stay under pressure after rejecting above 1.2000-20 region also support the pair on lower side, today US data and stock/bond market move will have some intraday impact, support at 0.9800 and resistance at 0.9860-70; still prefer buy on dips with tight stop strategy.

EUR/JPY lower on both EUR and USDJPY stay around lower level with US and Japan stock retrace slightly, overall the correction trend momentum slowing down and oversold technical will drive some rebound for the cross in short-term, today US data and stock/bond market move will have some intraday impact, support at 133.10-20 and resistance at 134.50-60; still prefer keeping buy on dips with tight stop strategy.

EUR/GBP grid higher slightly on broad GBP cross weakness effect, today Eurozone Industrial Production, ECB minutes and BOE Credit Conditions Survey will have some intraday impact, support at 0.8810-20 and resistance at 0.8880 and 0.8920; today prefer keeping buy on dips with tight stop strategy.

GOLD grid higher slightly with yesterday despite overnight spike high to 1327.50 before turning back, overall bullish sentiment remains but overbought technical and profit taking selling will cap the GOLD in near term, also higher UST yield and healthy stock market might also be adding some pressure for GOLD, today US data and stock/bond market move will have some intraday impact, support at 1310 and resistance at 1321; still prefer buy on dips with tight stop strategy.

Silver around the similar level with yesterday and overall consolidation with recent gains in overall uptrend remain intact, today still follow GOLD and broad USD direction, also US data and stock/bond market might have some intraday impact, support at 17 and resistance at 17.40-45; still prefer buying on dips with tight stop strategy.


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