USD is marginally lower versus most counterparts as a corrective rise in oil prices helped commodity currencies recover from the long lasting selloff. EURUSD +0.54%) is trading at highs of the day 1.0955 however is still lower than 1.0980 which is the post ECB high on Thursday.
The Australian and New Zealand dollars are weaker, with AUD/USD down 0.15% to 0.7205 and with NZD/USD sliding 0.01% to 0.6635. One of the reasons for this week’s weakness in commodity currencies is worry over China. The latest figure shows that China’s FX reserve fell US$87B to US$3.43 trillion in November. China’s reserves have declined 9 out of 11 months this year. GBPUSD is extending its recovery also (+0.52%) and is trading just shy of 1.5100. Market focus now turns to BoE, RBNZ and SNB Central Bank meetings tomorrow, ahead of US Retail Sales on Friday.
Trading quote of the day: “There is only one side of the market and it is not the bull side or the bear side, but the right side.” – Jesse Livermore
Currency Updates:
USD/CHF
Pivot: 0.995
Likely scenario: short positions below 0.995 with targets @ 0.987 & 0.983 in extension.
Alternative scenario: above 0.995 look for further upside with 0.9985 & 1.0035 as targets.
Comment: the RSI is badly directed.
EUR/USD
Pivot: 1.086
Likely scenario: long positions above 1.086 with targets @ 1.098 & 1.109 in extension.
Alternative scenario: below 1.086 look for further downside with 1.0825 & 1.076 as targets.
Comment: the RSI is well directed.
USD/JPY
Pivot: 123
Likely scenario: short positions below 123 with targets @ 122.45 & 122.25 in extension.
Alternative scenario: above 123 look for further upside with 123.2 & 123.5 as targets.
Comment: the RSI is badly directed.
GBP/USD
Pivot: 1.499
Likely scenario: long positions above 1.499 with targets @ 1.509 & 1.5115 in extension.
Alternative scenario: below 1.499 look for further downside with 1.4955 & 1.4905 as targets.
Comment: the RSI is well directed.
AUD/USD
Pivot: 0.725
Likely scenario: short positions below 0.725 with targets @ 0.715 & 0.713 in extension.
Alternative scenario: above 0.725 look for further upside with 0.7285 & 0.732 as targets.
Comment: the RSI is mixed to bearish.
GOLD
Pivot: 1082
Likely scenario: short positions below 1082 with targets @ 1068 & 1064 in extension.
Alternative scenario: above 1082 look for further upside with 1088 & 1093 as targets.
Comment: as long as 1082 is resistance, likely decline to 1068.
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