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TRADING TIPS :
EUR/USDwas up 0.31% at 1.2429, up from a session low of 1.2363 and off a high of 1.2443. The pair was likely to find support at 1.2503, last Thursday’s low, and resistance at 1.2600, last Wednesday’s high. The euro firmed against the dollar on Monday after an upbeat German business climate report surpassed expectations and offset ongoing expectations for the European Central Bank to loosen policy in the near future.The single currency found support after a report showed that German business sentiment improved this month after six successive months of declines, indicating that the downturn the euro area’s largest economy may be ending.
INTRADAY OUTLOOK
Support: 1.2397
Resistance: 1.2443
RECOMMENDATION:
1. Buy EUR/USD Above 1.2445-TG:1.2464/1.2495 SL 1.2415
2. Sell EUR/USD Below 1.2395-TG:1.2375/1.2345 SL 1.2425
INTRADAY OUTLOOK
Immediate Support: 117.72
Immediate Resistance: 118.34
RECOMMENDATION:
1. Buy USD/JPY Above 118.36-TG:118.56/118.86 SL 118.06
2. Sell USD/JPY Below 117.70-TG:117.50/117.20 SL 118.00
INTERNATIONAL COMMODITY NEWS :
Gold prices held steady to higher in Asia on Tuesday with investors looking for any cue on physical demand ahead of end-year holidays. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at $1,198.20 a troy ounce, up 0.08%.Overnight, gold prices held steady on Monday, supported by softer dollar and a Chinese decision to trim interest rates, though uncertainty ahead of Tuesday’s economic growth and consumer confidence reports capped gains.
TRADING STRATEGY :
BUY GOLD ABOVE 1204 TARGET 1214 1228 SL 1194
SELL GOLD BELOW 1189 TARGET 1179 1170 SL 1199
The S&P 500 and Dow Jones Industrial Average closed at record levels on Monday, but it was the small-caps and the Nasdaq Composite who stole the show.
The S&P 500 SPX, +0.29% closed 5.91 points, or 0.3%, higher at 2,069.41, the 46th time it closed at record level this year. Consumer discretionary and tech sector stocks led the gains. The heaviest-weighted company on the index, Apple, Inc. rose 1.9%, helping lift the benchmark.
The dollar moved higher against the yen Monday after falling for two consecutive sessions, as investors prepared for the release of minutes from October’s Bank of Japan meeting Monday evening.
The dollar USDJPY, -0.33% traded at 118.25 yen, compared to ¥117.82 late Friday.
A euro EURUSD, -0.13% traded for $1.2444 Monday, compared to $1.2390 late Friday.
The pound GBPUSD, -0.14% traded flat at $1.5707. Lien said that investors saw a small rebound in the pound today as investors adjust positions, but noted that there’s really nothing substantive moving trading. The pound traded at $1.5658 Friday.
The ICE U.S. Dollar Index DXY, +0.02% a measure of the greenback’s strength against a basket of six currencies, was down 0.22% to 88.1110 late Monday.
A return to warmer weather in the U.S. put pressure on natural gas futures, with the December contract NGZ14, +0.07% plummeting 11 cents or 2.7%, to end at $4.1510 per million British thermal units.
December gasoline RBZ4, -0.12% lost 2 cents, or 1.1%, to settle at $2.0334 a gallon on Nymex. December heating oil HOZ4, +0.10% fell less than a penny, or 0.4%, to $2.3955 a gallon, also on Nymex.
