Things should start picking up now after the 4th of July holiday but keep in mind, that we do have a key data landmine to come later on Friday via the US non-farm payrolls. As such, markets could still be caught in a bit of a lull until then but at least there should be more volatility than the snoozefest we’re seeing at the moment.
Among dollar pairs, AUD/USD is one to note as the pair runs up against its 100 and 200-day moving averages at 0.6690-94. That is a key spot limiting any upside for now. Meanwhile, USD/JPY continues to hover just below 145.00 and is likely to stay that way until we get to the main event on Friday it would seem.
Besides that, gold is seeing a decent bounce off the $1,900 mark from last week but there’s still some doubts over a stronger rebound – not until we get a more settled mood in broader markets, especially in bonds. The 100-day moving average at $1,946 is a key level to watch in case buyers gather more momentum in the session ahead.
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