EUR / USD keeps on consolidating around three month lows
Being under pressure amid the political situation in Europe and weaker economic data, the Euro is consolidating around three monthly lows. Euro is located in the zone of the support area around $1.1370-$1.1340. At the same time, the risks of market move lower $1.1340 remain lower amid a rising dollar. Yesterday's market attempts to gain some ground were halted in the 1.1410 area, while the closest resistance located in the 1.1430 area. Pretty weak bull upward attack. However a market move above 1.1430 will mark the formation of a corrective upward wave.
Trading recommendation – out of the market
GBP / USD retains chances for downward move
The expected correction and upward GBP pullback to the 1.2920 zone did not take place. The pressure in this market persists amid a strengthening dollar. In general, the situation in this market has not changed much in the last 24 hours. The pair continued its moderate decline to the area of 1.2770, a breakthrough of this support would send the market lower to the area of 1.2660. The situation is not clear so we remain out of the market.
Trading recommendations - out of the market
AUD / USD has formed tight consolidation
Correctional upward movement of the Australian currency has stalled in the zone of the first resistance around 0.7100. While the pair is trading in a narrow range of 0.7040-0.7100 as this consolidation has been going on for six days. A break of this range 0.7040-0.7100 will open the way for quotes in the upper part of the range to the area of 0.7150, a zone of four-week maximum.
Trading recommendations - purchases when the passage of resistance 0.7100
Gold has declined. The strategical support is around 1216
The beginning of the week brought new sales to the gold market. Traders sold the yellow metal despite the decline in equities. Yesterday, buyers could not stop the decline holding the support area around $1229, bulls retreated and today the market has come upon the next line of bulls defense $ 1225. Now the main support is located in the $ 1220 zone. This market territory however is interesting levels for opening long positions in this area. The main strategic market support is located in the $ 1216 area.
Trading recommendations – longs in the $ 1220 area and lower if the market drops to $ 1216