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CFDs and spread bets are complex instruments and come with a high risk of losing money rapidly due to leverage.71% of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Spread betting and CFD trading are high risk and may not be suitable for everyone. You can lose all your deposits.
08 Aug 2016
By Mauro Fellner
Cable set to test 1.30
USDJPY traded above 102.00 mark on Monday. Surpassing the resistance at 102.82 (August 2nd), the pair could extend gains to the 103.84/104.26 (50-day moving average & 76.4% Fibonacci retracement on January to June decline). Breaking below 100.86 (August 5th low), the USDJPY could slide lower to 100.67 (August 2nd low), then toward the critical 100.00 (July 8th low).
GBPUSD found support at around 1.3020/1.3050 area (August 5th low & intraday low) after the Bank of England announced a solid monetary stimulus package last Thursday. A break below this support area could increase the pressure on the 1.3000 psychological level. If broken, we could see a further slide to 1.2876 (July 7th low). The upside is expected to remain limited. Resistance is eyed at 1.3175 (August 5th high), then at 1.3200 (200-hour moving average).
The bullish trend continues on AUDUSD, and the next resistance is presumed at the 0.7663/0.7675 area (August 5th high July 15th high). Above this zone, the pair could make a fresh attempt to a four-month high at 0.7720 (May 3rd high), before 0.7832 (April 21st top level). The first support is seen at 0.7600/0.7593 (76.4% Fibonacci retracement on January to April rise). Below, the pair could retrace to 0.7500 (50-day moving average), then to 0.7468/0.7445 (100-day moving average & 61.8% Fibonacci retracement).
Gold tanked almost $35 dollar after the jobs report in the US showed a further recovery, bringing back the chances of a Fed rate hike by the end of the year. From a technical point of view, gold could see support at $1315 (50-day moving average). Below this level, the price could further fall to $1300/1296 area (76.4% Fibonacci retracement on December to August rise). The upside is expected to remain capped as long as the US yields recover. The first resistance is seen at $1338 (intraday high), if surpassed, could encourage a timid rise to $1366 (August 3rd high) before $1374 top level (July 11th high).
After the recent inventories data, some OPEC members have started to consider a supply cap. These rumours supported the recovery in oil prices. WTI is trending higher for the fourth consecutive session. The next resistance is placed at $43.17/43.44 (July 27th high and 50% Fibonacci retracement on July 12th to August 3rd decline). Above this level, WTI could extend gains towards $44.43 (38.2% Fibonacci retracement), then to $45.00/45.66 (23.6% Fibonacci retracement). On the downside, a break below $42.00 mark could encourage a further slide to $41.58 (50-hour moving average), then to $41.20 (200-hour moving average and 76.4% Fibonacci retracement).
The information and comments provided herein under no circumstances are to be considered an offer or solicitation to invest and nothing herein should be construed as investment advice. The information provided is believed to be accurate at the date the information is produced. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please note that 71% of our retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing money.
