Today's Economic Spotlight

Market Overview

Currencies are at a standstill until the next CPI print next Wednesday. 

GOLD - XAU ranges within the same structure of 2332.174 and 2295.536. Further natural growth from GOLD is held back by positive prints with the dollar.

SILVER - The Silver is settling nicely on top of 26.963, forming the SHS pattern. We need to wait for the break above 27.552 before we can confirm the setup.

DXY -DXY gapped on the market open, leaving the price with unfulfilled orders. The rise is slow in momentum and weak in volume, as you can tell from its steady but small rise from structures. The price remains consolidated within structures at 105.840 and 105.071.

GBPUSD - GBPUSD closed slightly below the range of the structure but did not break any important structure. We continue to see this bullish and expect to see the price break above unless this range and collection of orders are broken through toward the downside. We continue to wait for the price to move.

AUDUSD - The drop in this market is steady and slow but is corrective in nature. We continue to wait and see how the price will break away from the structure. As it stands, no major structure for the bullish market is broken. We wait until it drops below 0.65250 and 0.66145.

NZDUSD -The market structure for the NZD is looking really good as the price is above 0.59796. No major changes in this market.

EURUSD - The market is steady despite its dropping range. The drop is corrective in nature and is above 1.07240. We wait for the price to break beyond either of the structures. 

USDJPY - The Yen has dropped in value again. Investors are wary of another BoJ intervention. We suggest staying away from Yen markets until stabilization.

USDCHF - Momentum for the rise in the USDCHF is very slow and is without volume. The range outside of the upward channel makes the possibility for a further drop all the better as this implies that the market is comfortable outside of its usual fair-priced area. We wait for the price to move before we call any major movements.

USDCAD - USDCAD is now in a ranged market as we see the price in between 1.37881 and 1.36563. We wait for further major movements before anything.

REMINDERS

It's not an everyday trending day. Moving the markets requires a large amount of funds to be distributed. It is important to note that, sometimes, watching the market is also trading the market.