The Dollar has traded in a tight range versus most currencies after last Friday’s solid NFP data. With little news in the calendar this period, investors will keep an eye on the ECB December 3 meeting. Overnight, US and Asian stock markets also moved broadly sideways following last month’s strong rally. GBP/USD was the only pair making a significant advance yesterday, supported by better than expected jobs data in the UK. AUD/USD is also rising though, after solid employment data as well. The pair jumped from 0.7063 to 0.7140 after data revealed the addition of 58k jobs Vs 15k expected.

Today we have jobless claims highlighting news in the US, however we will also hear 3 FED members talk today. The content is likely to confirm the justification of interest rate hike in December. Aside for the US FED members, ECB President Mario Draghi testifies today in the European Parliament.

Trading quote of the day:

“The policy of being too cautious is the greatest risk of all.”

– J. Nehru

Green lines are resistance, Red lines are support.

EUR/USD
Pivot: 1.079
Likely scenario: Short positions below 1.079 with targets @ 1.0705 & 1.067 in extension.
Alternative scenario: Above 1.079 look for further upside with 1.083 & 1.086 as targets.
Comment: As long as 1.079 is resistance, look for choppy price action with a bearish bias.

GBP/USD
Pivot: 1.5165
Likely scenario: Long positions above 1.5165 with targets @ 1.524 & 1.5275 in extension.
Alternative scenario: Below 1.5165 look for further downside with 1.514 & 1.5095 as targets.
Comment: The pair has validated a bullish flag.

AUD/USD
Pivot: 0.707
Likely scenario: Long positions above 0.707 with targets @ 0.717 & 0.7195 in extension.
Alternative scenario: Below 0.707 look for further downside with 0.704 & 0.7015 as targets.
Comment: The RSI is well directed.

USD/JPY
Pivot: 122.65
Likely scenario: Long positions above 122.65 with targets @ 123.2 & 123.6 in extension.
Alternative scenario: Below 122.65 look for further downside with 122 & 121.6 as targets.
Comment: The RSI is mixed to bullish.

USD/CAD
Pivot: 1.3225
Likely scenario: Long positions above 1.3225 with targets @ 1.3285 & 1.332 in extension.
Alternative scenario: Below 1.3225 look for further downside with 1.318 & 1.3135 as targets.
Comment: A support base at 1.3225 has formed and has allowed for a temporary stabilisation.

USD/CHF
Pivot: 1.0015
Likely scenario: Long positions above 1.0015 with targets @ 1.009 & 1.0125 in extension.
Alternative scenario: Below 1.0015 look for further downside with 0.998 & 0.9945 as targets.
Comment: A support base at 1.0015 has formed and has allowed for a temporary stabilisation.

GOLD
Pivot: 1096
Likely scenario: Short positions below 1096 with targets @ 1082 & 1079 in extension.
Alternative scenario: Above 1096 look for further upside with 1103 & 1111 as targets.
Comment: As long as 1096 is resistance, look for choppy price action with a bearish bias.

OIL
Pivot: 44.12
Likely scenario: Short positions below 44.12 with targets @ 42.55 & 42 in extension.
Alternative scenario: Above 44.12 look for further upside with 44.7 & 45.65 as targets.
Comment: As long as 44.12 is resistance, look for choppy price action with a bearish bias. The contract is currently trading in a bearish channel.

DAX
Pivot: 10835
Likely scenario: Long positions above 10835 with targets @ 11000 & 11060 in extension.
Alternative scenario: Below 10835 look for further downside with 10725 & 10680 as targets.
Comment: The RSI is around its neutrality area at 50%

TIME IS IN GMT(+3)