Global FX Economy 4th Nov 2015. EUR/ USD down. Markets, news and analysis.

Forex Market Commentary  

All eyes on the US NFP

EUR/ USD tracking down to 3 month lows with the pair settling at the moment in the 1.08 zone. Strong NFP data could send the pair down to a down to 1.05 but this seems unlikely. NFP cannot come in any stronger and the strong tone has already been set; watch for a bounce back to the 1.10 region. The July 21 low at the 1.0820 is going to be a serious point of contention in the next 12 hours with a trading range between 1.07 and 1.09. Moreover, November always tends to be a depreciating month for the EUR/ USD so how the currency pair plays out the next 12 hours remains to be seen. long term bias is down but the short term is all about if we have read too much into the USD strength. Fed Chair Yellen reiterated yesterday the likelihood of a December hike

USDX holding at the 97 mark, WTI crude holds at 96 and gold slips once again in the wake of a firming Dollar to come in at 1109 thus erasing all of last 2 weeks gains.

Read on Bloomberg growing concern of headline US inflation:

http://www.bloomberg.com/news/articles/2015-11-04/bond-market-inflation-outlook-at-six-week-high-before-yellen

In speaking of moving averages; markets are not rational and daily price action volatile, but in the longer run trader expectation and negative sentiment can be collectively summed up through the 50 day moving average. Always look to support and resistance band lines as the key to understanding in the long and short term where prices are converging. Professional technical traders use 50 day and 200 day medium and slow moving averages as fundamental cornerstones for interpreting the direction of price action.

USDX

US Dollar 
97.854     -0.034 -0.04%
Support 94.213     Resistance 98.993
Forward 1 year - 95.259s.

EUR/ USD
1.08707     -0.00753 -0.69%
Support   1.07173         Resistance 1.1393
Forward 1 year - 1.14600s.  

Crude Oil  WTI

46.48     +0.16 +0.34%

Support 43.63  Resistance 48.31
Forward 1 year - 52.07s.

Gold

1109.950     -12.265 -1.09%

Support  1,110.2    Resistance 1,131.2
Forward 1 year  - 1,186.5s.

Pieter Bergli - DeLoren Trust Holdings

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