Today, Investors are awaiting for the release of Canadian Interest Rate and US data

December 6, 2017

FX In Range, GOLD Drops, Bitcoin Pops.

Today, Investors are awaiting for the release of Canadian Interest Rate and US data

This article is originally referred from FXPrimus News

FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

The currency markets traded in a range yesterday with marginal bearish movements seeing in EURO and CABLE, and prominent in GOLD.

Bitcoin keeps beating expectations and hits fresh highs.

This morning started on a bad footing for DOLLAR. More opportunities are likely to appear around the release of the Canadian Interest Rate and US data.

Today’s Forecast for Important Trading Indicators

Market Movers

  • EURUSD – EURO falls on German Final Services PMI growth revision to a 3-Month low. EUR declined against USD some 35 pips yesterday following disappointing news from the strongest economy in Europe. The pair is trading within a bearish channel yet a bullish bias on the medium and longer term as price was rejected at the recent 61.80% FR at $1.1800. A formed bullish divergence may push the pair higher above the descending trendline, a break of which will validate the upwards move.

EURUSD 1-HOUR CHART

  • GBPUSD – STERLING deteriorates against DOLLAR on worse than expected Services PMI. The British Pound dropped to a daily low of $1.3365 following data from Market yet the 38.20% FR rejection at the said price level took the pair to a close above of $1.3435. Without any economic events on the calendar today, technicals are likely to drive market sentiment while uncertainty surrounding the Brexit divorce may weigh in.
  • USDJPY – YEN adds to selling pressure, DOLLAR holds firm undeterred. Following a Monday rejection at the 23.60% FR DOLLAR saw a somewhat mixed session amid a decline in risk-on appetite. The Japanese Consumer Confidence added selling pressure on the pair as the print came out better than expected. Investors patiently wait for today’s ADP and Crude Stocks releases while a Head and Shoulders pattern forms on the daily chart.

USDJPY DAILY CHART

  • USOIL – US OIL closes the session unchanged despite early bullish sentiment as API disappoints. OIL prices had bulls and bears on a ‘battleground’ yesterday as earlier gains were recovered by bears following a huge build in Gasoline inventories. Ahead of EIA’s release and after OPEC’s storm, market participants take a breath just for a few hours before taking advantage of trading opportunities.
  • XAUUSD – Gold plummets to 8-week low on hopes that Trump will soon sign a Tax Relief bill. Spot GOLD closed the session nearly $10/oz lower yesterday despite DOLLAR’s slight weakness as the Senate’s bill could soon be signed into law. The disappointing ISM from the US side helped GOLD price recover $5 from the daily low. Today GOLD started on a positive footing while it struggles to hold above the 200 DMA.
  • US Indexes – DJ fell by 0.45%, S&P 500 by -0.37%
  • European Indexes – UK 100 trades -0.43%, DE 30 -1.18%.
  • Asian Indexes – ASX 200 declined by 0.45%, Hang Seng trades 2.05% lower.
  • US Equities – Twitter rose by 1.81%, Exxon Mobil fell 1.33%

Original Source: FXPrimus News

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