Market Brief / 06-11-2017

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US Labour Department reported that the economy added 261,000 non-farm payrolls in October, compared with an addition of 315,000 jobs expected. The jobless rate declined 0.1% to 4.1%, its lowest level since December 2000. Meanwhile, wages increased 2.4% on year, the weakest pace of growth since February 2016.

The Commerce Department reported that factory orders increased 1.4% on month in September, and durable goods orders rose 2.0% on month, compared with a 2.2% gain estimated previously.

US dollar reversed early losses, as strong data on factory orders and the services sector helped to buoy the currency from a slide caused by a weaker-than-expected jobs report. The ICE Dollar Index climbed 0.3% to 94.94, its highest close since July 17.

EUR/USD is trading below its declining 20- and 50-period moving averages, which play resistance roles and maintain the downside bias.

RSI is below its neutrality level at 50. The upside potential should be limited by the key resistance at 1.1640. Hence, as long as this key level is not surpassed, expect a new drop with targets at 1.1595 and 1.1520 in extension. Alternatively, a break above 1.1640 would trigger a rebound with 1.1665 and 1.1690 as targets.

On the data slate there’s German Factory Orders; Switzerland CPI; German Services PMI; German Composite PMI; Euro-Zone Services PMI; Euro-Zone PMI Composite; Euro-Zone Investor Confidence; Euro-Zone PPI; US FOMC Member Yellen Speech; US 3- and 6-Month Bill Auctions; US Fed’s William Dudley Speech and US Loan Officer Survey.

My Personal Trading Plan

SELL EUR/USD @ 1.1635 OR BETTER – STOP @ 1.1680 – TARGET @ 1.1520
SELL GBP/USD @ 1.3085 OR BETTER – STOP @ 1.3165 – TARGET @ 1.3000
BUY USD/JPY @ 114.10 OR BETTER – STOP @ 113.80 – TARGET @ 114.85
BUY CL1217 @ 55.20 OR BETTER – STOP @ 54.50 – TARGET @ 56.50
SELL AUD/USD @ 0.7665 OR BETTER – STOP @ 0.7705 – TARGET @ 0.7600
SELL XAU @ 1275 OR BETTER – STOP @ 1282 – TARGET @ 1258
SELL XAG @ 17.20 OR BETTER – STOP @ 17.60 – TARGET @ 16.40

THE ABOVE BRIEF IS MY PERSONAL OPINION AND DOES NOT CONSTITUTE ANY PROMISES OR GUARANTEES OF PROFITS. TRADING IN CURRENCIES AND COMMODITIES ARE HIGH RISKS. YOU SHOULD NOT TAKE ANY MATERIAL POSTED AS RECOMMENDATION.

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