Friday's Global Roundup

Daily Insight

Trader's Corner:
- EUR/USD: Key Reversal on heavy volume suggests interim reversal
- USD/JPY: Real money investors pile into Yen; USDJPY due another dip lower?
- GOLD: At 6-month high but suspecting a pullback

MARKET SNAPSHOT:


NYLON ROUNDUP (New York - London)

• USD: Core/Retail sales, unemployment and import prices all beat expectations to see USD Index recoup losses seen earlier in the session.
• EUR: The Euro tested a new 2.5 yr high of 1.3966 to reverse lower and close down for the day. Volume was heavy to suggest potential key reversal.
• GBP: Cable saw an intraday high of 1.67 and hit yesterday's initial target to then reverse and close back at the open price of 1.661
• JPY: Increased volume on Yen Currency Basket highlights flow of money into this safe haven.
• INDICES: European Equities felt the pinch with DAX at 3-month lows CAC and FTSE at 5-week lows. US Equities, whilst down, are holding above last week's lows.
• COMMODITIES: Gold traded to a 6-month high to close at $1370.17; WTI holds above 97.60 support; Brent is now trading at 5-week lows; Copper trading back near yesterday's multi-month lows

ASIA ROUNDUP
Narrow ranges during Asia following a volatile session from the US.

• AUD: Trading at yesterday's lows against the Yen to further highlight risk-off sentiment;
• NZD: Key Reversal on NZD/JPY;
• INDICES: Hang Seng opened down 0.7%; Nikkei 225 continues sell-off for 5th consecutive session; AUS200 trading back at last week's lows;
• COMMODITIES: Gold continued to break to new highs following comments from China's premier of debt defaults.

GOLD: Intraday Levels


With the tension in Ukraine and further weak data from China I am calling no major tops in Gold just yet. However there is argument for a retracement (as outlined in today's post) but either way there are clear levels of support and resistance to use as targets for your intraday trading going into the weekend.