Good morning, wish you have trading day full of energy and efficiency! Let's continue to comment, market comment on the new day - 07/12.
The basic trader is stress brothers and sisters, all the suspense to see Vietnam in the finals, then tonight waiting for news Non-farm.
Non-farm payrolls will be released at 8:30 pm, and 200k jobs are expected to be created, down sharply from the previous period. At the same time CAD employment change may also cause double turbulence for the USDCAD pair.
Brief analysis of gold trends and some currency pairs on the H4 timeframe
XAU / USD
The resistance of 1.43 is proving to be quite difficult to overcome as in the US session prices have created a false-break. Looking at the daily frame, the candle bar yesterday may be able to curb the buy orders, although the upward trend is continuing on H4. Therefore, in order to reduce risk, we need to wait deep for the trend line before buying.
USD / JPY
After falling sharply, the USDJPY rebounded at the close of the USD session, as it was the lowest price range for the last five weeks. Current preference on H4 is still selling trend. If the price is back to the support at 112.3, it should be observed if it is broken or not, if the price is likely to fall back to 111.7.
EUR / USD
Yesterday again the price returned to the resistance level 1.14 but continued to fail, but prices are not pushed down as deep as the day before. View for EURUSD today is buying, if USD strengthens with Non-farm news then we will buy in the lower area, otherwise look for opportunities with breakout.
GBP / USD
Although prices are trending but selling out is quite risky now because the trend of falling trend test more and more shows the strength of the buy side. We should wait to see how the price will continue to react, in the case of breakout to the top, then look for opportunities with rebounds.
USD / CAD
The uptrend is still present on H4, but on the daily chart the reversal pattern has appeared. If you are determined to follow the uptrend, you can wait for the support levels below. Look for opportunities to sell.
AUD / USD
Although not yet creating a clear low, the uptrend seems to have ended. Waiting for a sale in the current condition should be a priority over buy orders.