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Market Wire Update: Majors Came To A Standstill A Forex Trader Portal

Market Wire Update:

Majors Came To A Standstill

Forex Trader Note:
The major pairs have literally made no moves this week that have been sustainable, and most are at the closing prices of last Friday. Ahead of the Non-farm Payroll numbers on Friday from the U.S. it is likely to stay that way. These are times that traders need to maintain a patient stance, and that is one of the most frustrating challenges that most are asked to overcome. There really is not a lot to be taken from recent price action.

Red Flag Economics: 
07:00 EST Cad Employ. Change Exp 15.3K ,Prev -43.2K
07:00 EST Cad Unemploy. Rate Exp 8.6%, Prev 8.6%
08:30 EST Usd NFP Exp -111K, Prev -190K
08:30 EST Usd Unemploy. Rate Exp 10.2%, Prev 10.2%
10:00 EST Cad Ivey PMI Exp 60.6, Prev 61.2

Dollar Index: The dollar index went into Neutral mode on 26th Oct and has held that trend since. The near-term path of least resistance is consolidation of new lows. A weekly close above 76.00 (that signals buyers are dominating), is a long way off. Swing Point: 74.60

S&P Futures: The S&P futures market confirmed a Long momentum read on Nov 11th and has built a near-term support base around 1060. The 1110 area will be a major resistance point to battle this week. Swing Point: 1109

Crude Oil: There is still a very flat momentum read to crude oil trade, that has been in place since 6th Nov. The 76.50 area continues to be a main price point, after sellers were held at bay around 75.50. The 80.50 area is the topside number to breach. Swing Point: 76.40

Gold Bullion:
Gold signaled long on 3rd Nov and has easily held that mode. 1165 is near-term support, backing any long tests of 1200. Now looking for a Options reversal signal that buys time to see gold fall. Swing Point: 1215

Disclosure: No positions