Daily Commentary

May 29, 2014 by

AUDUSD- A big leap on the upside from Aussie-dollar on the back of some positive economic, jumping fron 0.919 to 0.931 pretty swiftly. The data being HIA home sales coming out at a higher than previous 2.9% from 0.2%. Surprisingly some bad data concerning private new capital expenditure showing a poor result coming out at -4.2%. With the support at 0.92 being held, its looking bullish for Aussie.

USDJPY- We saw dollar yen pulling back down to the 101.500 mark. Although with poor retail sales coming out at a disappointing -4.4% from 11% previously, the US 10 year yields going down may have pushed dollar yen to fall.

Yesterday we saw cable plunge down to recent lows at 1.67 most likely on the back of the elections with Scotland doing their best to become independent, Britain is not to keen on the idea which may have caused the fall on cable.

Gold- Along with most other pairs we have discussed, gold seems to be following the rest on the downside with it continuing to fall consistently in recent days. With Ukraine starting to ease off with the trouble that was there before, gold sellers are making their move and have not held back on selling it. With it down at session lows currently, I am starting to think oversold conditions may be present.

S&P still surging, at highs of 1910 it seems very strong. Although the upward momentum beginning to subside, a daily doji has formed, showing a potential pull back to a strong trend line that has been holding. After hitting an all time high, I think that the S&P may be taking a breather.

FTSE has stalled at the 6863 mark with it being a massive resistance level right now. The FTSE 100 has been slowly but surely rising, along with the S&P I can see a slow in momentum on the upside and a potential pullback.