Matt Simpson, CFTe, MSTA
CityIndex
MARKET SNAPSHOT:
UP NEXT:
TECHNICAL ANALYSIS:
GOLD: Eyeing up $1190
The USD story has helped Gold rebound from the lows with near-term momentum favouring the bulls and eyeing up $1190 resistance. We could see direct gains at Europe open but if we are treated to a pullback then the $1177-80 support zone could well suit buy-limits.
A break above $1190 then targets $1200.
NZDUSD: Breaks to 2-month high late Asia
The Kiwi Dollar saw a bullish break across the board late in the session, seeing NZDUSD break the post-FOMC highs.
The break above 0.7615 could be considered as confirmation of a Double Bottom but for now I’d prefer to remain reserved and only seek bullish setups on lower timeframes. The main caveat here is the congestion zone to the right which is likely to act as a sticky barrier and provide choppy trading conditions.
For now we can consider bullish setups above 0.7615 to target 0.7710.
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