Market Analysis – 01.10.2014

By January 10, 2014Analysis

Weekend Analysis – 01.10.2014

The story I see in the charts from the end of the week is lack of movement from the big surprise of US Employment data released on Friday. It make me think there’s not a lot of conviction in the downside surprise data. We’ll know more next week. The decided lack of volatility in the market makes it difficult for good entries to show themselves on the D1 charts.

XAU/USD D1 Chart

Gold has moved higher in response to the poor US employment data, but like the rest of the charts the move was weak and lacked conviction from traders. It stopped below the 1250.00 mark.

xauusd-d1-01102014

GBP/USD D1 Chart

Cable put in a nice rejection candle off 1.6400 & the 50% fib level. It’s just that it’s a weak move in terms of cable.

gbpusd-d1-01102014

EUR/USD D1 Chart

The USD rally against the Euro has been cut short for the time being. Euro has already had a major move up over the last year and looks over bought. We’ll see if this Euro bulls the confidence to put in another strong push up.

eurusd-d1-01102014

AUD/USD D1 Chart

The Aussie could not break out of consolidation. It looks like it will take a run higher at the market open on Monday morning. We’ll see. No good price action signals on this at the moment.

audusd-d1-01102014

USD/JPY D1 Chart:

The Yen has the best looking chart in my opinion. A triple top with plenty of clear air below. The only problem is that Japanese Finance officials just reiterated their support for a weak yen and they are known for interventionist tactics.

usdjpy-d1-01102014

In The News:

Dollar Drops Versus Major Peers as Jobs Decline Damps Taper Bets (Bloomberg)

Payrolls Rise Less Than Forecast; Unemployment at 6.7% (Bloomberg)

ForexLive Americas wrap: Where are the jobs? (forexlive!)

CFTC Commitments of Traders: Euro longs slashed (forexlive!)

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