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In the Zone
- EURUSD
- GBPUSD
- AUDUSD
- NZDUSD
- USDCAD
Market Insight Commentary – Forex
Today's News Headlines
- News that the ANC top 6 positions may be up for a re-run adds to the view that the ruling party have lost the plot. A change in this leadership coupled with Zuma not being recalled will only alienate more of their voter base.
Market Insight Commentary – Indices
Market Recap
It was a strange start to the week, we highlighted yesterday that Monday could see a start in earnest of 2018 as traders around the world start to get back to work. Most of the action came in the European session with very little continuation of momentum in New York, this could either indicate the US traders are not convinced by the earlier move, or they were not back in mass yet. I stated yesterday that the market had overdone the move against the dollar and I suspect that the dollar may rally somewhat this week.
The EURUSD was the big mover yesterday as it slid by over 65 pips, it was somewhat hesitant on its way below 1.2000 but eventually fell through this first support level. The pair trades at make or break levels today, 1.1960 was previous resistance and now becomes a key level for support – if sellers are able to lead price to trade lower than this pair wrestles back the initiative back and the 61.8% fib on the daily chart at 1.1750 becomes the target.
The USDCAD could be an interesting pair to trade this week, my opinion is that the BOC survey all but confirmed another rate hike next week and that was the reason for the big mover lower last week. The banks started calling for a hike this week and hence the reason the bounce has been slow to come, the pair dipped about 10 pips yesterday but like the EUR, I think that the USD will stage a small rally this week leading into that meeting.
Most of the action over the festive period seems to be in the cryptocurrencies and it does look to be a couple of washouts that are starting to materialize, I am still sceptical in these products – but I can’t help but watch it. It is almost like that soapie that you refuse to admit that you watch.
Important Economic Data Due Today
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