Market Brief / 06-10-2017
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On Thursday, all three major stock indices extended their run of record-high closes to a fourth day, as market sentiment was boosted by strong economic data and progress in President Donald Trump’s tax overhaul proposal.
The US Commerce Department reported that the country’s trade deficit declined to US$42.4 billion in August, the lowest since September 2016. Orders for non-defence capital goods (excluding aircraft) rose 1.1% on month in August, higher than +0.9% previously estimated.
The Labour Department said initial jobless claims fell by 12,000 to a seasonally adjusted 260,000 in the week ended September 30, lower than 270,000 expected.
The labour Department will release the closely-watched September jobs report tonight. It is expected that the US economy added 80,000 new jobs (vs. +156,000 in August), average hourly earnings were up 0.3% on month, and the jobless rate was stable at 4.4%.
EUR/USD broke below the key support at 1.1735, which becomes the key resistance. The downward momentum is further reinforced by the declining 50-period moving average.
RSI is bearish and call for another drop. Hence, below 1.1735, expect a new test to 1.1680 and even 1.1610 in extension. Alternatively, only a break above 1.1735 would trigger a technical rebound with 1.1750 and 1.1780 as targets.
On the data slate there’s German Factory Orders; UK House Price; UK Unit Labour Costs; US Change in Non-Farm Payrolls; US Change in Private Payrolls; US Change in Manufacturing Payrolls; US Unemployment Rate; US Average Hourly Earnings; US Baker Hughes US Rig Count; US Fed’s Bullard Speaks on Economy in St. Louis and US Consumer Credit.
SELL EUR/USD @ 1.1730 OR BETTER – STOP @ 1.1780 – TARGET @ 1.1610
SELL GBP/USD @ 1.3130 OR BETTER – STOP @ 1.3200 – TARGET @ 1.3025
BUY USD/JPY @ 112.60 OR BETTER – STOP @ 112.10 – TARGET @ 113.65
SELL CL1117 @ 50.80 OR BETTER – STOP @ 51.30 – TARGET @ 49.70
SELL AUD/USD @ 0.7790 OR BETTER – STOP @ 0.7840 – TARGET @ 0.7680
SELL XAU @ 1272 OR BETTER – STOP @ 1283 – TARGET @ 1260
SELL XAG @ 16.65 OR BETTER – STOP @ 17.20 – TARGET @ 16.00
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Thank you for sharing BTC market brief today @lordoftruth. It`s very useful info.
Upvote/ Resteem
I am studying forex marketing. But I don`t know how to use better. I think your blogs very helpful to me sir..
@lordoftruth - According to you today US market has lot of news Sir. Nice analysis Sir <3
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STOP@minnowpond1 has voted on behalf of @minnowpond. If you would like to recieve upvotes from minnowpond on all your posts, simply FOLLOW @minnowpond. To be Resteemed to 4k+ followers and upvoted heavier send 0.25SBD to @minnowpond with your posts url as the memo
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@lordoftruth,
Thank you for this incredible market analysis!
Cheers~
great work in forex. I like to BTC market .
upvoted