Trade of the Week

GOLD

Precious metal had taken a beating following the upbeat on US Jobs number this past Friday. We expect this momentum to continue with a ranging price action in the coming week. With US dollar gaining the upper hand we will eventually see the precious metal forming new lows.

Trade of the Week
Trade of the Week

Key Points

  • Monthly chart points lower to the 100 moving average stationed at 1203
  • Weekly chart further reassures this when the pair got rejected on the upper channel, suggesting more slides ahead
  • On the daily chart we have witnessed a strong bear action with enough room till 1214 and 1203
  • All of the above indications is strongly backed by the recent price action on Silver when it was rejected at 18’s, almost nearing the upper trendline channel before being smacked by the moving average.

Trading opportunities

  • On the lower time frames the market is expected to be range bounded between 1251/46 to 1220/14 before sliding further
  • Any actions by the Bulls are only seen to be temporary
  • It is a good idea to sell on the highest levels
  • A break below 1207 with a 5% penetration will be a strong confirmation for the pair to move

Traders Poll      

            

Pair

Average   Levels

Pair

Average   Levels

Week   1

Month   1

Quarter   1

Week   1

Month   1

Quarter   1

AUD/USD

7.677

6.9388

6.1001

EUR/GBP

0.7419

0.7361

0.7395

USD/CHF

0.9421

0.9407

0.9502

EUR/JPY

135.31

133.75

133.65

USD/JPY

118.3

119.01

120.19

GBP/JPY

178.92

178.35

178.75

GBP/USD

1.532

1.5149

1.5145

NZD/USD

0.7365

0.7295

0.7245

EUR/USD

1.1345

1.1221

1.1302

USD/CAD

1.2469

1.2593

1.2741

Source: Forex Forecast Poll from FXStreet

 

Currency Outlook

 

Pair

Average   Levels

Average   Levels

Week   1

Month   1

Quarter   1

Week   1

Month   1

Quarter   1

Majors

 

 

 

 

 

 

EURUSD

1.135

1.1218

1.1303

Sideways

Bearish

Bearish

GBPUSD

1.531

1.5152

1.5145

Sideways

Bearish

Bearish

USDJPY

118.22

118.72

120.16

Bearish

Sideways

Sideways

USDCHF

0.9418

0.9408

0.9504

Bullish

Sideways

Bullish

Pacific Crosses

 

 

 

 

 

 

AUDUSD

7.6773

6.939

6.1

Bullish

Bullish

Bullish

NZDUSD

0.7368

0.7297

0.7254

Sideways

Sideways

Sideways

G7 Crosses

 

 

 

 

 

 

USDCAD

1.2459

1.2595

1.2739

Sideways

Bullish

Bullish

GBPJPY

179

178.25

178.85

Bearish

Bearish

Bearish

EURJPY

135.28

133.79

133.63

Sideways

Sideways

Sideways

EURGBP

0.7416

0.7366

0.7393

Sideways

Bearish

Bearish

Source: Forex Forecast Poll from FXStreet

Disclaimer

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Opinion

Any opinion, news, research, analyses, or other information provided is for educational purpose only, and should be interpreted as general market commentary, not as an investment advice.

NoaFX or the author as an individual will not accept liability for any loss or damage, including but not limited to any loss of profit that may arise directly or indirectly from the use or reliance on such information.

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