Dollar continue falling with gold
Last week In currencies, a cautious start to the last day of trading for June, and H1, but extreme USD weakness has been modestly tame, with EUR/USD backing off the mid 1.1400’s, while Cable over 1.3000. Both key pairs, which have rallied on hawkish twists to the respective central bank outlooks, and as such, remain well placed to retest the highs, later on, WTI continues to probe levels through USD45.0, but tech based resistance continues to contain trade, with sellers still looking for better levels to fade strength based on US production levels. Gold and Silver are trading extremely tight ranges, but we see the yellow metal looking vulnerable at present, and if the USD manages to recover a little more ground into the weekend, then we could be set for a retest this week.
A Gauge of the dollar was on course for its fourth straight monthly decline, the longest such run for the Bloomberg Dollar Spot Index since April 2011. The euro fell versus the U.S. currency for the first time in four days, paring its fourth consecutive monthly advance, its longest winning streak since December 2013.
EURUSD – The euro hit a glass ceiling around the 1.1445 before dropping back towards the 1.1400 level as it trades around that level. The common currency has risen by 7% for the first time since December 2013.
GBPUSD – More upside pressure comes from the GBPUSD as it rose higher towards the 1.3030 but hit a resistance zone and dropped back towards the 1.2960 which is acting as an important support for the meantime.
USDJPY – The USD seems to be weak due to the bad USD data. After surging towards 113.00 yesterday, the pair pared the gains and seems to have broken the upward trend that it has been working for some time.
USDCAD – More upward movement from the Crude Oil has made the CAD even stronger than the Weak U.S. dollar. The pair has dropped below the crucial 1.3000 and trades around the 1.2975. This makes the pair more and more bearish.
AUDUSD – More upward pressure from the AUDUSD as it moves above 0.7700. That was only momentarily before dropping back towards the 0.7680s. The Gold has been affecting the pair as it continues to move lower and affecting the pair negatively.
Dow Jones – The index has been paring some the losses it made during the previous day. The index has been held around the 200-DMA around 21260.
Now is your chance to make a profit!
Open an account here!
***Information contained in this news letter are gathered from third parties and should not be regarded in any way as trade advice or recommendations by CM Trading. CM Trading does not recommend or advise traders or investors in their decision making, but merely provides information from the market for its clients as additional information being made available as per the events occurring in the financial markets.
HIGH RISK WARNING:
Trading Foreign Exchange (Forex) and Contracts for Differences (CFD’s) is highly speculative, carries a high level of risk and may not be suitable for all investors. You may sustain a loss of some or all of your invested capital, therefore, you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with trading on margin.
© Copyright 2015 – CM Trading – All rights reserved