Currencies and commodities trading tips december 6 2011

Currencies and commodities trading tips december 6 2011 : The Forex Market Insight Report shows charts on different major currencies and commodities, with brief commentaries on how new data releases and news cause movements in the market.

Headline:
Risk higher overnight before late selling on S&P downgrade; EU fiscal pact closer S&P puts Euro nations on credit watch as crisis deepens Aussie pushes back to 1.0300 before sellers emerge; eyes on RBA Crude higher, but gold lower in choppy night of trading US sharemarkets around 1.0% higher with financials leading Rate decisions due from RBA and BOC

AUD/USD
The Aussie got up towards resistance at 1.0300/50 overnight before being sold lower and we expect the range to hold in the near term. Traders might be looking for shorts from resistance ahead of today’s RBA decision which has the potential to bring a second consecutive rate cut.

GOLD
Gold continued to push higher on Friday and this means we will maintain a cautiously bullish approach to this market. A pullback to 1735 provides a good buying opportunity.

EUR/USD
The Euro continues to be hit to the downside with the pair failing at 1.3480 overnight. Traders will now be looking at the weekly lows at 1.3375 as a break below this level could see further selling.

GBP/USD
Like the Euro, the GBP has failed overnight and now looks to be heading towards the weekly lows. A break of 1.5575 sets up a bearish tone to the rest of the week.

USD/JPY
The dollar-yen continues to display some slight bullish tendencies and traders are likely to be focused on the long side as the impact of the S&P downgrade works through markets. A break of 78.30 would change the view to more resolutely bullish.

SILVER
Silver has weakened in recent trading and 32.00 is now the major level. A break below 32.00 would be seen as bearish.

USD/CHF
The dollar-Swiss now looks to the consolidating between 0.9070 and 0.9180 and markets will be looking to trade the range in the near term.

GBP/JPY
The sterling-yen is looking more bearish now its unable to push above 122.50 and with the S&P downgrade we would now be looking to focus on the downside. A break below 121.40 will be seen as bearish.

AUD/JPY
Technically, the AUD/JPY is looking like it is about to pop higher above 80.00 but traders will be waiting for confirmation before jumping into new longs.

OIL
Oil’s looking good even despite the pullback after the S&P downgrade overnight. While we are above 1000, the market is likely to remain bullish.
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