Market Update
Price moved lower through yesterday's session as French political trouble and the US positive ISM data pushed the pair further down. Price fell about 70 pips from 1.053 to 1.046. So far today, price is not doing much yet as sellers find resistance at 1.0500.
Price is up about 60 pips today, heading into resistance at 97.500. Considering the overall downtrend in the pair, buyers would want to see price shoot above that level before looking to get back in the action. If price remains below that level, the move higher may be seen as just a pullback that could attract sellers again.
Sentiment
- Market sentiment improves slightly today as China lifts its final trade restriction on Australia, but most assets trade in small ranges as we head into the session.
- The Swiss CPI came out just as expected - CHF is not responding, trading flat among the Majors.
- The Japanese Yen weakens a little today as sentiment improves but the moves are mostly a pullback on JPY pairs after a solid downside in recent sessions.
- Leading Currencies: AUD
- Lagging Currencies: JPY
are trading flat today - US500.F maintains its uptrend overall.
#Commodities are a little higher today - Copper moves up above 4.15.
#Gold struggles at 2650 resistance level.
#USOil continues its up-and-down movements.
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