Precious Metals Plunge On Volatility
Matt Simpson | Apr 16, 2014 01:22AM ET
A snapshot view of yesterday’s events from the New York - London session...
It was a volatile session following continued worries over Ukraine, mixed earnings results and fresh concerns over Chinese data, and a concern over a slowdown regarding their need for raw materials. Chinese Money Supply grew at the weakest pace in a decade.
This triggered a sell-off in Precious Metals and initially Equities, which later recovered through the session following earning reports.
Brent is now at 6-weel highs following increased concerns over Ukraine. The Greenback has produced Doji's across the board to suggest potential weakness beneath resistance levels in the near-term, with GBP taking the better gains of the day.
AUD/USD Bearish engulfing candle closed back below 0.940 so confirm the shooting star reversal and Hanging man candles last week
EUR/USD Doji formed to suggest weakness to bearish move from the 1.390 top; A break above 1.830 confirms near-term strength
GBP/USD Dragonfly Doji Above Weekly Pivot (bullish suggestion)
USD/CAD Shooting Star Reversal closed beneath 1.10
USD/CHF Spinning Top Doji beneath Weekly and Monthly Pivot
USD/JPY Hanging Man Reversal beneath Weekly Pivot following the previous Morning Star Reversal- hesitant to go higher
NZD/USD Closed near the lows of the previous 2 Bullish Hammers to cast doubt over the bullishness
Brent Oil broke through 109 resistance but closed with a potential Hanging Man reversal to warn of pending weakness.
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