Today’s Hot Asset for you to Trade On: USD/JPY.
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The pair decreased on Tuesday and fell back to 118.50. The U.S. market should be in focus today, as no economic data release is scheduled from Japan. Three important pieces of information will be available today - U.S. Core Durable Goods at 1.30PM GMT, the U.S. Chicago PMI at 2.45PM GMT and U.S. Home data at 3PM GMT.
The trend is sideways. Support is found at 117.35 and resistance at 118.60.
The EUR/USD was able to climb for a second straight day on Tuesday and reached 1.2490. The pair is pushing the 1.2500 mark, but is not expected to break it. Despite the positive U.S GDP data, released earlier the dollar weakened and set the pair in the upwards motion. Today, pay attention to the U.S. Core Durable Goods data, set for release at 1.30 PM (GMT). Orders are expected to rise by 0.5% and if this should be the case, we may watch as the dollar gains power once more.
The trend is sideways. Support is found at 1.2400 and resistance at 1.2500.
Gold was on the move yesterday, between $1,190/ounce and $1,202/ounce. The market is still in wait for Sunday’s Swiss referendum. Voters will decide if the Central Bank should increase its gold reserves from 8% to 20%. The price is set to continue alternating between its support and resistance until the end of the week. Consequently, we suggest that investors trade more technically and use short-term expirations. The movement is sideways. Support is found at 1,186 and resistance at 1,207.
Crude Oil WTI
$73.60/barrel – An almost record 4 year low was set yesterday as WTI Crude Oil fell even further than expected. Tomorrows OPEC meeting is straining the market and pressing traders. If a decision to cut output is delivered by OPEC - Price is expected to increase sharply. This outcome remains unlikely. If bearish sentiment continues, the price could drop below $70/barrel.
The U.S. Crude Oil inventories report will be available today at 2.30PM GMT and may shed some light on the market.
Support is found at 73.20 and resistance at 75.50
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