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Gold inching higher. Daily close above 1248.55 could be keyAfter briefly testing sub 1200 levels last week, Gold quickly reversed its losses after Friday's NFP report. Monday/Tuesday was relatively flat but today's price action showing some early gains. Above 1248.55, 1260 remains the next key level to target. But a pullback/correction is missing To the downside, 1230 - 1220 levels could act as support. Forming a third consecutive low here (after 1199.55 and 1206.88) could signal a near term strength to the upside.
FX:XAUUSD
by justatrader
EURUSD formed an inside bar - Breakout in the making?After rallying strong on last Friday's NFP print, EURUSD has remained flat on Monday/Tuesday, forming an inside bar at the top end of the rally. A breakout is therefore likely to set the direction in the near term. To the upside , 1.140 is the key level to watch, a break higher could extend gains above 1.140 but keep prices range bound below 1.15. To the downside , 1.130 is the key level to watch out for which could see EURUSD slide towards 1.120 and to 1.10. For you Fib fans, 1.1418 remains the 61.8% retracement level of the previous decline from 03/05 highs of 1.16163 and 30/05 lows of 1.10978.
by justatrader
5
NZDUSD shoots above 0.70 as RBNZ holds rates steadyThe RBNZ did not cut rates yesterday and did not jawbone the Kiwi's exchange rate. The resistance at 0.70 has now been breached convincingly and any dips to 0.70 could remain a buy, if validated by price. To the upside next level of interest is 0.72, July 10, 2015 high. But looking the Stochastics here, there is a strong hidden bearish divergence which signals to a correction, validating the view that NZDUSD could slip to 0.70. 0.72 could be likely achieved only if support is formed at 0.70. For the moment, weak long positions above 0.7127 could remain at risk for a correction to 0.70. Technically, support should have been established at 0.69 but the lack of this could mean a possible slide to 0.69. Personally, I wouldn't be looking to go long at 0.70, especially with a risk of a dip to 0.69 looming.. unless the technical narrative changes. FOMC is up next Wednesday, 15th June. Trading idea: lower time frame chart could signal a counter trend short opportunities.
by justatrader
NZDUSD back to 0.70 resistance. RBNZ June meeting in focusNZDUSD has been in a steady uptrend after prices broke out from the falling wedge, since the past week. The rally now reaching the familiar resistance of 0.70, which has held out two times previously. Mind the stochastics showing a hidden bearish divergence . RBNZ June meeting is up later tonight and the CB is expected to hold rates steady at 2.25% (but could be a very close call). Next meeting only in August. NZDUSD has gained strongly since the April RBNZ event where rates were left unchanged. If the RBNZ leaves rates steady today, they will have to make up for it by talking down the kiwi strongly, especially if the Fed will end up leaving rates unchanged next week. Failure to break out above 0.70 will mean NZDUSD could slide to the first minor support at 0.69 followed by a dip to 0.68.
by justatrader