Good morning everyone, I hope that you all had a good weekend.
Following a volatile day in the markets with Non Farm Payroll crude is still in a strong downtrend with our 4 hour moving averages still very stretched. We have a daily support coming in at $87. On the shorter time frame, we some resistance at the $89.80 level for which we need to see a break of the $88.90 mark. I would be concerned about shorting crude at this level because of the gaps to the upside, however we may see a play down to the support at $87.
Gold is also still on a down trend on the 1 hr chart, holding resistance of the daily 20 ma and support of the daily 50ma at $826. A break of 829 or $826 may see a play down to $819. The upside break of $835 may see an attack towards $845.
EURUSD is setup similar to the 1hr crude chart. It is still in a strong downtrend with the immediate support at 1.3600. The 252 CCI has been down for sometime and it does not seem to have the momentum to go much lower at the moment. However a break of 1.3580 may see a move towards the weekly 200 ma at 1.3400. A break of 1.3650 may see an attack to close the gaps on the moving averages, with a first target of 1.3720.
Cable is also still in a down trend, with the daily lows at around 1.7450. A break of ds2 at at 1.7560 would signal that it wants to go lower towards the daily support. However, with so much red on the daily chart, this certainly needs a pullback. A break of ds1 at 1.7610 may see a move higher with a first target of 1.7660
Have a good day.
D