EURUSD Another quiet day as bond market were closed due to Veterans Day. Market is still consolidating at current levels but risk stands clearly to the downside as we still expect the market to keep heading to the 1.0500 area. We still believe that any bounce will be an opportunity to add some more shorts, immediate resistance stands at 1.0820 and then 1.0950.
GBPUSD Cable keeps recovering from last week lows and is now challenging the 1.5220/50 resistance area. We still expect some downside in the coming sessions but have to reckon that a break of the 1.5250 on a daily basis will be a positive development for the pair and further appreciation to 1.5450 could then be seen. For those holding a short position, a stop above 1.5250 should be placed. USDCHF Still in consolidation phase for now as we keep trading in a very narrow range. We remain short term positive toward the greenback as long as we keep trading above the 0.9980. Target is still 1.0250.
USDJPY The pair is still consolidating after last week gains. A pull back to the 122.00 is still a possibility but chart is constructive and we’ll be buyer on weakness. Level to break on the upside to see further appreciation is 123.60 which will open the door for 125.00.
AUDUSD Strong job numbers this morning is pushing the Aussie higher. Unemployment rate fell from 6.2% to 5.9% and job creation was much stronger than anticipated. Risk stands now on the upside and further upside to 0.7240 could be seen.
USDCAD The pair remains well bid and we still expect higher levels to come. Trend is still positive toward the greenback and we’ll use any weakness to go long the pair. First support stands at 1.3200 and then 1.3130. On the upside, a break of 1.3320 is needed to see more gains.
METALS The precious metals continued to slide in a similar scenario observed over those last past days. Initially it seems like holding during the Asian and London time and when Americans comes in the massive offers starts to appear. Coincidently, the GFM’s quarterly statement coupled to the Etf holding reports confirm this fact. Indeed, the Gold physical demand soared in Q3 to its highest level in two years with Indian taking the lead, while the most important ETF holdings (GLD) is at the lowest level since 2008. Platinum and Palladium also suffered from huge ETF liquidations and as the car makers are not showing any bids (especially in Platinum) the impact over the spot price is dramatic. Platinum has reached its lowest level observed after the VW scandal and seems to be aiming now at 2008 low’s at 740$. We continue to sell on any rally supported in our conviction as all the trading system keeps pressuring prices on any rebound.
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