forex market insight 11 august 2011

8/6/2019 Forex Market Insight 11 August 2011

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Market Insights 11 August 2011

Risk aversion returns as French banks under pressureFed’ s impact short-lived as sharemarkets suffer heavy losses; Dow loses 4.6%

AUD sharply lower after falling 250 pips over 24 hoursFurther invention overnight as Swiss National Bank enters marketGold’ s incredible move continues; breaks above 1800 in early Asian trading, nears 1820On the agenda today: Aussie jobs at 11.30am (10k expected) and US jobs at 10.30pm (401k expected)

Headlines

AUD/USD

XAU/USD

Resistance

1.0400

Support

0.9930Market Sentiment

Bearish

Resistance at 1.0400 worked a like a treat over the last 24 hours with the Aussie tumbling over 250 pips from this level. Untilwe break above 1.0400, traders will be focusing on the downside and there is the potential to move back to support at.9930. A move back to 1.0260/300 could be seen as a selling opportunity.

old is simply unstoppable at the moment with the precious metal producing a $35 gain after breaking to new all-time highsbove $1780. Buying any break to new highs remains the winning strategy for gold traders and the market will be waiting formove above $1815 to take new longs. Any pullback to $1780 will also be seen as buyable.

Resistance1815

Support

1780Market Sentiment

Bullish



EUR/USD

GBP/USD

USD/JPY

he USD/JPY has paused at the all-time lows with traders naturally reluctant to push dollar-yen under 76.50. That said, anyove back to 77.00/20 is likely to be sold, while any break below 76.50 has the potential to trigger extreme selling.

he GBP/USD has finally broken below the megaphone pattern that has defined trade over the last two weeks and this nowhanges the market’ s view to bearish. Further losses are expected on this pair, with the best level for shorts seen on anyove back to 1.6200 in expectation of a potential move to 1.6000.

raders who sold at the top of the trading range over the last 24 hours should have had profitable nights with the Eurombling on fears about the health of French banks. These worries saw the Euro fall over 250 pips and now brings the single

urrency back to the lower end of the trading range. A clear below 1.4130 sets up further losses, with targets to 1.4050.

Resistance

1.4270

Support


Bearish

Resistance

1.6200

Support


Bearish

Resistance

77.00/20

Support


Bearish



SILVER

USD/CHF

GBP/JPY

Any signs of GBP strength have been overwhelmed in the last 24 hours as the Euro debt crisis re-ignited. Traders will beocused on the downside with the 124.30 region seen as the sell zone.

The SNB’ s overnight attempt to intervene in currency markets had little tangible effect and this signals just how bearish thisair is at the moment. Traders will be looking at the 73.30 zone as the sell region.

lver’ s trading in a range at the moment with no clear direction. Silver hasn ’ t participated in the up-move like gold as thisight act as a bit of a warning for traders. Until we see a decisive move in either direction, traders are likely to play the rangethe near term.

Resistance

39.50/40.00

Support

37.00/50Market Sentiment

Rangebound

Resistance

73.30

Support


Bearish

Resistance

124.30

Support


Bearish



AUD/JPY

OIL

Economic Calendar

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F/Cast Last F/Cast Last

» AUD: MI Inflation 3.4% » CAD: Trade Balance -0.9b -0.8b

» AUD: Employment Change 10.2k 23.4k » USD: Trade Balance -47.9b -50.2b

» EUR: ECB Monthly Bulletin » USD: Employment Claims 401k 400k

» » » » »

rude is forming a bullish ascending triangle at lower levels and brave traders will be waiting for a break above 83.00 to takeew long positions. That said, crude’ s been in a steep downtrend and while we trade below 83.00, the picture remainsearish.

raders that sold at 80.000 yesterday should have had a profitable 24 hours. The pair is now at the middle of the range andraders will be waiting for a move to either side of the trading range to look for new opportunities. A bounce from 76.50 coulde a possibility.

Resistance

83.00Support


Rangebound

Resistance

80.00Support


Bearish

forex market insight 11 august 2011

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