Dollar retraced 61.8% attempting to establish a higher low [Video]

Dale J Pinkert Independent Analyst

TradeGateHub Live Trading covers a market session where the dollar retraced to the 61.8% level as it attempts to establish a higher low. Economic data helped support the dollar, with USD/CAD holding at an important support zone while EURUSD showed weakness relative to GBP/USD. Precious metals are trading higher but remain vulnerable to further downside pressure, particularly as yields continue to push higher. WTI remains in a consolidation phase, with expectations still set for an intermediate-term move toward $78. The session is hosted by Coach Dale.

Author

Dale J Pinkert

Independent Analyst

Former Member of the Chicago Mercantile Exchange (IOM Division), Dale's market forecasts have been aired on Financial Television and Radio station including CNBC.

EUR/USD bounces off lows, back to 1.1860

EUR/USD now manages to regain some balance, retesting the 1.1860-1.1870 band after bottoming out near 1.1830 following the US NFP data on Wednesday. The pair, in the meantime, remains on the defensive amid fresh upside traction surrounding the US Dollar.

GBP/USD rebounds to 1.3660, USD loses momentum

GBP/USD trades with decent gains in the 1.3660 region, regaining composure following the post-NFP knee-jerk toward the 1.3600 zone on Wednesday. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold stays bid, still below $5,100

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of humble gains in the US Dollar and firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.