Daily Market Review: 7th November 2014

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Binary Options Daily Market Review 7th November

Today’s Hot Asset: EUR/USD

EUR/USD

The euro depreciated immediately against all 16 of its major counterparts, following Mario Draghi’s reinforced readiness to expand monetary stimulus if needed. The EUR/USD tested at 1.2400 after the European Central Bank president’s address but corrected itself later.

In front of today’s Non-farm payrolls data the dollar is showing strengthening signs, pushing the pair back to a low of 1.2360. The data, set to release at 1.30PM (GMT) creating a profitable trade window. The movement is sideways. Support is found at 1.2360 and resistance is at 1.2540.

Trend:  Sideways

GBP/USD

the GBP/USD hit its lowest price since September 2013 on Thursday and broke through its support at 1.5870 moving towards 1.5800. The more dovish than expected European Central Bank’s press conference, depreciated the British pound. The possibility of adding further monetary stimulus was stressed in the Central Bank’s announcement. The strengthening of the U.S. dollar before labour data which will be released at 1.30PM (GMT) has the pair under pressure.

The market is now expected to grow stronger as most U.S. data from the past week rose above forecast. With the actual NFP figure is predicted to be lower than last months. An upward price correction is expected if the figure does not exceed the prediction.

The trend is sideways. Support is found at 1.5800 and resistance at 1.5925.

Trend:  Sideways

Gold

Gold continued to trade sideways between $1,137/ounce and $1,149/ounce yesterday. Speculation over the strong U.S. Non-farm payrolls data release started while price dropped during the Asian session. The price is said to drop even lower, as physical demand did not pick up. If the report, set to be released at 1.30PM (GMT) shows strong data, the price may soon reach a level of around $1000/ounce soon.

The movement is sideways. Support is found at 1,130 and resistance at 1,152.

Trend:  Sideways

 

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