[Video] Gold bounces from key low, USD in focus for NFP
Matt Simpson April 1, 2021 4:09 AM
Markets are wrapping up ahead of the long weekend for Easter where several major exchanges will be closed on Friday, and some on Monday.
But as forex markets will remain open as per usual, we cover two currency markets in today’s video, with tomorrow’s Nonfarm payroll report in mind; USD/CAD and NZD/USD. We also take a look at gold which bounced off of key support, so perhaps there is life in the precious yellow metal yet.
Updates to previous videos:
- Fortune Brands (FBHS) produced a small bearish pinbar yesterday, so perhaps there is an opportunity for prices to consolidate around current levels or retrace towards the 92.60/40 support zone. The target around 105 remains (projected from the sideways channel) but a break below the support area mentioned invalidates that pattern. However, the daily trend remains bullish above the 87.21 low.
- Well, soybeans are still cooking in the bullish fire after prices broke aggressively higher overnight, invalidating the bearish bias. A break to new highs would confirm resumption of its dominant bullish trend.
- A small inside candle formed on the Europe STOX 50 just below its record highs. Whilst this shows caution ahead of the long weekend and presents the potential for a retracement, it does not yet spoil its strong bullish trend. Key support levels include the gap around 3840 and the previous record high of 3874.90. For longer-term traders, the trend remains bullish above the 3742.50 low.
S&P 500 (0.36%) 31 March 2021
- The index closed -0.28% below its 52-week high
- 215 (42.57%) stocks advanced and 289 (57.23%) declined
- Information Technology (1.49%) was the strongest sector and Energy (-0.92%) was the weakest
- 4 out of the 11 sectors outperformed the index
- 92.87% of stocks closed above their 200-day average
- 88.32% of stocks closed above their 50-day average
- 70.3% of stocks closed above their 20-day average
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.