US Market Roundup: Equities and Gold pushing for new weekly highs.

USD Basket 1 month

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USD unable to sustain above 0.92 and is currently trading lower at 0.9145. Price could still regain strength if we sustain at current levels with topside 0.92 acting as resistance yet again. A break below current level will open up 14th Sep low of 0.906.

Gold/USD H1

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Gold is currently testing 2012 high (28th Feb) and is currently trading around 1,795. Momentum appears to favor Bulls with price shrugging off a slight pullback and trading above today’s H3 level.

S&P500 Futures H1

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Bullish momentum is still with the bulls, with prices breaking out of 1st Oct’s High but currently price is capped below Yesterday’s High.

DJI Futures H1

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Similar to S&P500 but price is barely above 1st Oct high. Bulls will need to content with Yesterday’s high and H3 as significant resistance today.

Brent Crude Oil H1

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The least bullish of them all, Brent’s latest rally failed to break above the consolidation area we seen early this week. Nonetheless bulls should be glad that we’re still trading within the consolidation zone and not correcting lower. Based on price action this week alone, we could see price potentially breakout either direction.

Bottomline:

Despite no new developments from ECB Announcement and FOMC minutes, we saw risk correlated assets rallying strongly. Today’s NFP announcement may has lesser impact on market prices as compared to a few months back – simply due to the fact that traders already have clarity on the action of FOMC. A bad print today will no longer bring out the bulls in hope of QE3 as it has already been announced, while the bears reaction on a bad print may be muted knowing that the Fed already has prepared for it.

 

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