How will markets react to the US nonfarm payroll release today? [Video]
|Gold collapsed from resistance at 1811/15 targeting 1802/00, 1786/83, 1763/60, 1755/53 & 1745. We fell as far as 1732. Further losses are expected targeting 1720, 1700 & 1690/85.
Again gains are likely to be limited in the bear trend with minor resistance at yesterday's high of 1748/50 & strong resistance at 1765/70. Shorts need stops above 1775.
Silver broke key support at 2050/45 for an important sell signal with steep losses as predicted to 2000, 1950/45, 1900 & almost as far as 1880/60 as we become oversold. This is key support for today. A weekly close below 1850 is the next sell signal.
Holding key support at 1880/60 (try longs if you feel brave in the bear trend) targets 1935/40, perhaps as far as 1960/65 for profit taking.
EURCAD broke support at 1.3395/85 for a sell signal & bounced to 1.3390 on Wednesday giving us a perfect chance to enter shorts (if you had not already) before we reached 1.3175 yesterday.
An easy 200 pip profit so far, but outlook remains negative.
EURUSD crashed through the triple bottom for a sell signal this week & fell another 200 pips to my targets of 1.0200 & 1.0170/60, perhaps as far as 1.0120/10 today. On further losses look for 1.070/60 & 1.0030/20.
Gains are likely to be limited with minor resistance at 1.0240/60 & strong resistance at 1.0330/50.
USDCAD first support at 1.2960/50. Longs need stops below 1.2920. A break lower is a sell signal targeting 1.2880/60 then 1.2830/20.
1 year trend line resistance at the June high of 1.3060/80. Shorts need stops above 1.3100. A break higher is an important buy signal. A 200 pip plus move could follow.
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