Markets are quiet and liquidity is low and Gold continues to climb to reach the 1293 level
This week, thin volume trading seems to be in fashion as Asian equities are trading generally higher despite the mixed signals sent by US equities on Late Wednesday. Moreover, European equities are also seen trading on the upside. The majority of traders are away for the holiday, with little to no action expected from current markets.
This period till New Year is often very quiet, with politicians and central banks endeavoring to wrap everything up ahead of the holiday period. With the US having got tax reform over the line last week and kicked the budget issue back to January at the last minute, investors have been left with little to turn their attention to.
Bitcoin keeps on being a fascination to traders who are heading into the new year with a relatively controlled volatility. Speculators appetite for Bitcoin has been tested in the run-up to Christmas, with the price has fallen from around $20,000 to not far from half that less than a week later, depending on the exchange.
The euro has been trading on the upside and has marked a 0.4% increase against the USD and closed at 1.1900
In commodities, markets are expecting the energy market and crude oil to cross to $60 level, which incentivized some of the traders. A pipe blast in Libya is the major reason behind the move.
Going ahead, investors would keep a close watch on the European Central Bank’s (ECB) economic bulletin report, due to release in a few hours.
EURUSD is expected to find support at 1.1880, and a fall through could take it to the next support level of 1.1845. The pair is expected to find its first resistance at 1.1930, and a rise through could take it to the next resistance level of 1.1945.
EURUSD: Intraday bias remains on the upside for 1.1960 resistance next.
GBPUSD: At this point, GBP/USD is still bounded in the corrective pattern from 1.3550 and intraday bias stays neutral.
USDCHF: USD/CHF drops sharply today but trades below 0.9827 minor support.
USDJPY: USD/JPY drops notably today but stays in the range of 112.00/113.75.
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***Information contained in this newsletter 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 is made available as per the events occurring in the financial markets.
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