Rosen's Daily

In the last few days we have been witnessing the ascent of Gold as the precious metal registered a climb from a low of $1,214 to a high of $1,245. The latest was made in the early trading hours of the Asian session today and now price is slightly lower at $1,242.

With the depreciation of the US dollar, traders and investors have eyed the precious metals as diversification and safe haven. Bulls are in control currently as Gold is trading in the ascending trading channel on the medium term. First bull target is seen at $1,257 and major for the short-term is $1,275. Above that, Gold would be exposed to the bullish momentum away from the noise below $1,300.

If, however, the US dollar starts to climb again we may see a retreat from the Gold market which could substantially lower Gold's price. Support is seen at $1,220.

Silver is also in the green this week as price advanced from $16,04 to a high of $16.96.

USD/JPY appears to have discontinued the short-term upside trend as price decreased from last week's high of 114.26 to today's low of 110.48. Despite the rapid drop in price, the USD/JPY pair remains in its uptrend long-term channel that started in the end of June last year.

Currently, USD/JPY is trading at 111.17 and it seems that bears will try to test the support level resting slightly below the 200SMA at 108.40.

No major news are expected today so market participants might rely solely on technicals and price behavior in order for them to make investing and trading decisions.

Tomorrow fundamentals are also not playing a role so we can expect a silent consolidation around current levels.

Gold has been trading in an uptrend for the past three weeks. The upward move started on May 9 when price was around $1,220. Since then, the precious metal has climbed to a high of $1,269.16 as bulls reacted strongly to the support taking advantage of the low volume and lack of selling.

Currently, Gold is trading at $1,267, a bit lower than its highest reach last week. If bulls continue on their way North, immediate resistance rests at $1,273, along a downward trendline that started in the middle of July 2016. If that level is broken, then major bull target is the $1,300 psychological level.

On the other hand, a failure to push price above the resistance would result in bears taking control over the Gold market with the intention to drag the price down and reverse the trend with first potential target at $1,245 and major target $1,230.

USD/CHF has been trading in a very choppy environment lately as the pair recently reached a low of 0.9691 on May 22. Now the pair is trading at 0.9765 marking a day of high volatility as price fluctuates between 0.9745 and 0.9808.

On the long term, the good news for the bulls is that the pair is back into the descending trading channel and a move to the upside might be expected. For the short term, however, price remains very unstable as market participants are now in a dispute who is going to take control over it.

If we can get a close inside the channel, we might expect the pair to gain momentum and start climbing towards first bull target at 0.9825.

If bears push the price down, first potential target would be the last low of 0.9690 and major bear target around 0.9550.

USD/CHF is trading below resistance ever since it passed the level of 0.9800. The pair has been outside the upward trading channel and looks like bulls would need strong support from fundamentals so that price could start to rise again.

Today's data will most likely have a big impact on all US pairs as we are anticipating the most important release of the month, i.e. the Jobs and NFP report.

Yesterday's initial jobless claims turned out to be higher than expected but that did not have any significant impact on the pair.

If today's news are in favour of the US dollar, we will probably see the USD/CHF return to the trading channel above 0.98. If not, the downside potential expands to a target below 0.9650.

AUD/JPY has been posting relatively mixed signals since late May as price fluctuated around 82.44. The pair consolidated around those levels with a low of 81.89 which happened to be outside the medium-term downtrend trading channel. Bears, however, couldn't sustain the momentum.

The pair is now back to the consolidation levels currently trading at 82.46, but the positive thing about the AUD bulls is that price is now back into the trading channel. This could mean that market participants might now endorse the idea to go North to first potential target at 84.00.

Should this level be reached, major bull target is seen at 85. The Australian dollar will need a lot of bull power to go to the other end of the trend. Important data is scheduled for tomorrow - RBA Interest Rate Decision (Jun) and that might give the pair certainty in direction.

EUR/NZD's price is currently sitting back at the 1.57000 support. We also have the ascending trendline close to price. We are watching this pair to see whether price gets rejected back by bullish buying momentum or breaks through by bearish sentiment. Today's candle doesn't indicate a rejection from support however, has held above. We will continue to watch the daily candle closes within his pair.

In order for bullish trend to continue, price needs to bounce off 1.56 level. Major bull target is seen at 1.63 which is the upper trendline in the long-term ascending channel.

On the other hand, if price breaks key level 1.56, we might be in for bearish continuation and potential major bear target at 1.47.

No news are scheduled for today for either pair which could mean that we are in for a calm day with low volatility and technical trading.