Financial Market Research and Analysis

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CFD trading is high risk and may not be suitable for everyone.
AUD could reverse trend
The EURUSD remains rangebound. The 1.1210 / 1.1184 area (200-hour moving average / major 61.8% retracement on Sep 21th to Sep 26th rise) should continue providing support for a further push towards 1.1280/1.1300 area. Clearing below 1.1184 should pave the way toward 1.1120 mid-term support.

The USDJPY failed to consolidate gains. The rush into the yen pulled the USDJPY lower in Tokyo, despite the golden cross formation on the hourly chart (50-hour moving averages crossing above 200-hour moving average). Intra-day resistances are eyed at 100.96 (200-hour moving average), 101.12 (major 38.2% retracement on Sep 21st to Sep 27th decline) and 101.44 (50% level). On the downside, buyers are presumed sub-100.00.

The fundamentals continue weighing on the pound. The market remains seller on GBPUSD rallies above the 1.30 handle. The critical short-term support is eyed at 1.2915 (Sep 23rd support). Below this level, we could see an extension of the negative trend toward 1.2865/1.2840 area. The key resistance stands at 1.3116 (major 38.2% retracement on Sep 6th to Sep 23th decline).

The short-term bullish trend is about to reverse in the AUDUSD. The pair is testing the critical 0.7612 (major 38.2% retracement on Sep 15th to Sep 29th rise). Below 0.7612, the AUDUSD should step in the bearish consolidation zone and could extend losses to 0.7582 (major 50%). Intra-day resistances are eyed at 0.7649 (minor 23.6%) and 0.7730 (Sep 8th resistance).

We see little action on the gold market. The yellow metal treads water below its 50-day moving average ($1331). The $1312 / 1297 zone (100-day moving average / minor 23.6% retracement on Dec’15 – Jul’16 rise) is seen as a solid mid-term support. Reconquering the 50-day moving average, we could expect a further attempt to $1342 (3-month descending channel top).

WTI consolidates gains on chatters that a future action is needed for a sustained recovery in the oil market. In the short-run, $47.05 (minor 23.6% retracement on Sep 20th to Sep 29th rise) should lend support. Above $46.28 (major 38.2%), the trend will be positive for a recovery toward $50.

CFD trading is high risk and may not be suitable for everyone.