U.S. Dollar Under Pressure Prior to Payrolls Report

Gold:

Gold prices continue their uptick, targeting the commodity’s all-time high at $1,265. The price looks to move higher with the 20-day exponential moving average sloping higher. CFD CFD traders should be long on gold with a protective stop below the support level at $1,231.

Riskier Currencies Mute Gains in Overnight Trading

Gold:

The price of this commodity appears to have pushed it into the over-bought region of the daily RSI, but has recently dropped a bit lower than the over-bought region’s lower border. We are now seeing the price beginning to correct back downwards. A bearish cross is also forming imminently on the weekly Stochastic (slow), suggesting that now may be a great entry point for forex traders interested in capturing fast profits before the weekend.

ADP Non-Farm Employment Change on Tap ‎

NZD/JPY:

The recent upward mobility of this pair has pushed most of its indicators into a downward corrective ‎position. With the RSI on the hourly and 4-hour charts showing over-bought, mixed with fresh bearish ‎crosses on these charts’ Slow Stochastic, an imminent downward correction may not be far off the mark. Forex traders can take advantage of this impending move by entering their short positions now and riding ‎out the wave as it descends to a more stable price level. ‎

Yen Continues to Strengthen

USD/CAD:

This pair’s sustained upward movement has finally pushed its price into the over-bought territory on the 4-hour chart’s RSI. Not only that, but there actually appears to be a bearish cross on the Slow Stochastic pointing to an imminent downward correction. Forex traders have the opportunity to wait for the downward breach on the hourlies and go short in order to ride out the impending wave.

NFP Week Gives Prospects for Trend Reversals in Forex Market

Russell 2000:

According to a number of technical indicators, the Russell 2000 has reached overbought territory and is likely to fall over the course of the next day. The Relative Strength Index on the 4-hour chart is hovering right over above the upper resistance line, while the Williams Percent Range on the 8-hour chart is currently well about the -20 level. CFD traders may want to enter into short positions today, as a bearish correction is likely to occur.

Next Page »