Investing.com – Stocks finished the week on a down note on slumps in Boeing and Johnson & Johnson, plus new worries about Chinese economic growth.
Looking at this week’s trading range, buy stops are probably piling up over $1508.00 and sell stops under $1478.00.
Given the current upside momentum, the next upside target into the close is .6863. The AUD/USD could pause at this price, but also accelerate into .6879. This is the last potential resistance angle before the .6895 main top.
The Gold markets have gone back and forth during the week, dancing around just below the $1500 level. That is a decent round figure that will attract a lot of attention so it makes sense that we are sitting right here.
Gold markets have been sideways over the last several days, and this week has essentially been a complete wash. At this point though, the bullish flag is still intact, and the 50 day EMA is still a major influence.
The British pound initially pulled back a bit during the week but then shot through the roof and slammed into the 1.30 level. Ultimately, this is a market that has possibly gotten ahead of itself as Parliament is yet to vote on the deal Boris Johnson struck.
The British pound slammed into a major level during the week, testing the ¥140 level. However, although there is supposedly a deal between Boris Johnson and the EU, Parliament has not voted on it and will do so during the weekend. Buckle up, this is going to be brutal.
The Euro has had a strong week as we head towards the significant 1.12 level. The 50 week moving average is just above there, and therefore it’s possible that we could see a selling opportunity. That being said though, it looks as if traders will need to be taken on the daily chart.
The Australian dollar initially fell during the week but has turned around quite rapidly to reach towards the 0.69 level. This is an area that has caused support and resistance in the past, so it will be interesting to see whether or not we can take off to the upside.
The British pound has gone back and forth during the session on Friday, as traders await the results of Parliament voting on the deal that Boris Johnson returned from the European Union with. That being said, we are a bit overstretched going into the weekend.
The British pound approach the major level against the Japanese yen during trading on Friday, as the ¥140 level attracts a lot of attention. Ultimately, this is a market that should continue to see a lot of volatility, as is per usual.
The Euro rallied a bit during the trading session on Friday, grinding towards significant resistance just above. This has been a nice move, but not exactly unprecedented as we have seen this happen several times over the last 18 months.
Australian dollar traders were bullish during the early part of Friday, as we continue to see the Australian dollar grind a bit higher. That being said though, we are heading towards an area that has caused resistance recently.
The British pound was nearly steady Friday ahead of Parliament’s knife-edge’s vote on the Brexit deal agreed by U.K. Prime Minister Boris Johnson and the European Union.
Investing.com - Gold posted a weekly gain but safe-haven investors and those traditionally long the yellow metal largely sat out of Friday’s market, letting prices dip, with few leads to chase, ahead of a weekend parliament vote on the U.K. bid to leave the EU.
British Prime Minister Boris Johnson and European Union leaders agreed a new deal for Britain to exit the bloc. The possible deal news was the main contributor behind the strengthening of the British Pound against the dollar by more than 6% over the week close to 1.30 levels at the peak of growth on Thursday.
The U.S. and China may be nearing a tentative, partial trade agreement but the IMF’s new leader has warned even a comprehensive deal won’t be enough to boost global growth.
Mixed fundamentals and low volume could help hold gold in a trading range on Friday. Putting a cap on gains is optimism over Brexit. Underpinning gold are worries over U.S.-China trade relations and the chance of a Fed rate cut at the end of October.
A member of Parliament who voted against three previous Brexit bills says he’s inclined to support the agreement that U.K. Prime Minister Boris Johnson negotiated because it retains the possibility of the U.K. exiting the European Union without a deal.
The early price action suggests the upside bias should strengthen on a sustained move over 1.1139. A downside bias will develop on a sustained move under 1.1115.
Investing.com -- Gold prices fell on Friday as belief in yet more monetary policy easing around the world ebbed on the back of comments from various central bankers.
Investing.com - The U.S. dollar was lower against other currencies on Friday, while the euro was buoyed by hope that a Brexit deal will help mitigate risks of a recession in the bloc.
The Canadian dollar has settled down on Friday, after considerable gains on Thursday. The British pound is steady, ahead of a possibly historic vote over Brexit on Saturday. The Mexican peso continues to trade at a 10-week high against the greenback.
Investing.com – Wall Street opened flat on Friday, as upbeat earnings were offset by concerns about slowing global growth.