Mon, 06 Aug 2012 00:00:00 +0200
US Jobs Data Leads to Risk Taking
A better than forecasted US Non-Farms Payroll figure on Friday led to risk taking in the marketplace, which turned currencies like the euro and AUD bullish. Furthermore, commodities and precious metals received a significant boost following the release of the US news. Today, the main piece of news is likely to be a speech from Fed Chairman Bernanke, set to take place at 13:00 GMT. Later in the week, traders will want to pay attention to Tuesday's Australian Cash Rate, Thursday's US Trade Balance report and Friday's British PPI Input figure. All three are considered important for their respective economies and have the potential to generate volatility in the marketplace.
While the daily chart's Williams Percent Range is in overbought territory, indicating that downward movement could occur, most other technical indicators signal this pair is in neutral territory. Taking a wait and see approach may be the best option, as a clearer picture is likely to present itself in the near future.
The Bollinger Bands on the daily chart are narrowing, indicating that this pair could see a price shift in the near future. The MACD/OsMA on the same chart has formed a bearish cross, signaling that the price shift could be downward. Traders may want to open short positions for this pair.
The Williams Percent Range on the weekly chart is approaching the oversold zone, indicating that this pair could see an upward correction in the coming days. Furthermore, the Slow Stochastic on the same chart is close to forming a bullish cross. Traders will want to keep an eye on these two indicators, as they may signal an impending bullish correction in the coming days.
The daily chart's Williams Percent Range has dropped into oversold territory, signaling possible upward movement in the near future. That being said, most other technical indicators show this pair range trading. Taking a wait and see approach may be the best option at this time.
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