October 6th 2014 Last week’s NFP number spoiled my fun and ruined the nice weekly hammer candlestick in NZDUSD. Many pairs were extended and the dollar looked to be about to weaken. Alas we have to wait further.
EURUSD – Last week’s high comes via 1.2714 so watch this market as a clue to the likely performance of USDJPY, NZDUSD etc.
Gold prices dropped to the lowest level in 10 months, with traders now aiming to challenge the 1177.24-78.86 zone marked by the December 2013 low and the 38.2% Fibonacci expansion. A break below this boundary exposes the 50% level at 1163.29. Alternatively, a reversal above the 23.6% Fib at 1194.51 targets the 14.6% expansion at 1205.15.
USDJPY I reckon this market will be a lot like NZDUSD, that is to say we will get what we expect and then more. Resistance comes via 110.50’s but I expect us to take that out and then proceed to crush the traders who begin shorting it.
AUDUSD – RBA Rate decision on Tuesday creates volatility however an hourly close above last weeks high at 0.8828 creates a good risk reward opportunity for a continuation higher in the sessions ahead.
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