US Session Bullet Report – Unemployment claims boosts the Greenback

US unemployment claims came in better than expected at 255k Vs 279k which has given the greenback a strong boost across the board reversing its losses made early during the European session.

Gold’s short revival which saw it top $1105 early on has now been completely reversed and is now trading just below $1095 with next resistance at $1093.

Oil remains in a tight range currently trading around the $49.40 mark following on from yesterdays news that there are significantly more reserves than were forecast.

In the meantime European Indices remain static as traders digest poor earnings data from the US which may raise concerns over the overall global recovery.

None the less, the markets will be buoyed by the improved employment data just released which will again add weight of an interest rate hike sooner rather later. Eyes will also be looking at consumer confidence data due for release at 14:00GMT.

Trading Quote of the Day:

“The Road to Success is Always under Construction”

Green lines are resistance, Red lines are support

EURUSD
Pivot: 1.0915
Likely scenario: Long positions above 1.0915 with targets @ 1.1035 & 1.1085 in extension.
Alternative scenario: Below 1.0915 look for further downside with 1.087 & 1.081 as targets.
Comment: The RSI is well directed.

GBPUSD
Pivot: 1.558
Likely scenario: Long positions above 1.558 with targets @ 1.5675 & 1.573 in extension.
Alternative scenario: Below 1.558 look for further downside with 1.555 & 1.5525 as targets.
Comment: The RSI lacks downward momentum.

AUDUSD
Pivot: 0.7345
Likely scenario: Long positions above 0.7345 with targets @ 0.743 & 0.745 in extension.
Alternative scenario: Below 0.7345 look for further downside with 0.7325 & 0.729 as targets.
Comment: The RSI is well directed.

USDJPY
Pivot: 124.15
Likely scenario: Short positions below 124.15 with targets @ 123.55 & 123.35 in extension.
Alternative scenario: Above 124.15 look for further upside with 124.45 & 124.7 as targets.
Comment: The RSI is badly directed.

USDCAD
Pivot: 1.3055
Likely scenario: Short positions below 1.3055 with targets @ 1.293 & 1.29 in extension.
Alternative scenario: Above 1.3055 look for further upside with 1.309 & 1.315 as targets.
Comment: The RSI is badly directed.

USDCHF
Pivot: 0.96
Likely scenario: Short positions below 0.96 with targets @ 0.9505 & 0.946 in extension.
Alternative scenario: Above 0.96 look for further upside with 0.9625 & 0.965 as targets.
Comment: The RSI is badly directed.

GOLD
Pivot: 1093
Likely scenario: Long positions above 1093 with targets @ 1110 & 1119 in extension.
Alternative scenario: Below 1093 look for further downside with 1086.8 & 1080 as targets.
Comment: Gold price broke above a declining trend line. Furthermore, the RSI indicator broke above a declining trend line.

OIL
Pivot: 50.1
Likely scenario: Short positions below 50.1 with targets @ 48.5 & 48 in extension.
Alternative scenario: Above 50.1 look for further upside with 50.6 & 51.6 as targets.
Comment: The RSI is mixed to bearish.

DAX
Pivot: 11475
Likely scenario: Long positions above 11475 with targets @ 11650 & 11720 in extension.
Alternative scenario: Below 11475 look for further downside with 11250 & 11150 as targets.
Comment: The RSI is mixed to bullish.

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Report prepared by the easy-forex VIP desk at 13:00 GMT.

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