Currency Pair correlations with Gold

Gold and USD

During times of Economic Unrest, investors shows lack of interest in Dollar(USD). Hence, when gold goes up, USD falls.

Gold and AUD/USD

Australia is the third largest gold producer in the world, selling approx. $5Billion/year. So AUD/USD raises when gold goes up.

Gold and NZD/USD

New Zealand is also one of the biggest gold producer in the world. With gain in gold, NZD/USD also goes up.

Gold and USD/CHF

CHF raises when gold goes up as 25% of Switzerland’s reserve are backed by gold and pair moves down.

Gold and USD/CAD

CAD raises when gold goes up as Canada is 5th largest producer of gold. Hence, when gold raises up, USDCAD goes down.

Gold and EUR/USD

Both Gold and Euro are ANTI_DOLLARS. If price of gold goes up then EUR/USD may go up as well.

Oil and USD/CAD

CAD raises when Oil goes up as Canada is one of the top Oil Producer that exports 2 Million Barrel/Day . USDCAD goes down with the rise in Oil.

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Forex Insights 26-March-2019

USDJPY

• Analysts explained that USD/JPY has eroded the 55-day ma and the 2-month uptrend at 110.25/33

• USD/JPY is currently trading at 110 the figure, trading between a range of 110.24 and 109.70.

• Japanese yen near six-week highs on global growth fears and moved for its biggest gain since January as safe-haven buying propelled the currency.

• USD/JPY attempts the retrace the sharp decline following the Federal Reserve meeting, with the pickup in volatility spurring a more material shift in FX sentiment, but recent price action raises the risk for a further decline in the dollar-yen exchange rate as it extends the series of lower highs & lows from the previous week.

EURUSD

• Euro firmed on Monday as a stronger-than-forecast German business confidence survey allayed some fears about a recession and pulled the safe-haven yen from a 6-week high against the dollar.

• Euro gets a boost as IFO survey data beats forecast

• EURJPY surged 0.46 percent to a high of 124.81

• EUR/USD vulnerable to furthernear-term losses – focus is on uptrend support just lower

• Euro is down more than 1.1% from the Pre-FOMC high against the US Dollar after turning precisely off yearly open resistance last week.

GBPUSD

• GBPUSD overnight implied volatility has jumped to its highest level since November 15 as forex option traders price in the latest Brexit uncertainty.

• GBPUSD currency traders who utilize options to hedge their positions and reflects the market’s view that spot prices could experience significant swings over the contract’s respective duration.

• Prime Minister Theresa May stated that she will not put her Withdrawal Agreement to a vote tomorrow due to continued lack of majority support as the latest Brexit drama drags on.

• Currency markets still await clarity on the next direction of Brexit and its impact on the Sterling as the risk of UK departing the EU without a deal remains elevated .

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FOREX INSIGHTS 30-JAN

EUR/USD:

• EUR/USD appears to have met a tough resistance in the 1.1450 region, where sits the key 100-day SMA.

• Extra gains need the pair to clear this area on a sustainable note. The 1.1500 neighbourhood should then emerges as the next target.

• EUR/USD should remain unchanged while underpinned by the 1.1290 area, where coincide YTD lows and the short-term support line.

GBP/USD:

• The recovery in the GBP/USD pair from weekly lows of 1.3058 lost legs just shy of the 1.31 handle, as the bears keep the upside attempts capped amid the return of the Brexit deal-related uncertainty.

• EU likely to reject May’s new plan, Cable could drop further to 1.3000.

• All eyes on FOMC decision ahead of the UK-EU renegotiation.

• UK PM May to renegotiate the Irish backstop with the EU, as Brady’s amendment was approved.

USD/JPY:

• The USD/JPY pair met with some fresh supply and is currently placed at the lower end of its daily trading range.

• The USD remains on the defensive amid dovish Fed expectations and does little to lend any support.

• Focus remains on the latest FOMC monetary policy update and the high-level US-China trade talks.

• Japanese Yen found some support from upbeat domestic data, showing that monthly retail sales jumped 1.3% y/y in December as compared to 0.8% expected but down slightly from the previous month’s strong reading of 1.4%.

AUDUSD:

• The one-month 25 delta risk reversals on the Aussie dollar, a gauge of calls to puts on the Australian currency, has hit the highest level since Dec. 19, indicating investors are unwinding bearish bets on the AUD. riday’s settlement.

• The demand for bearish bets, however, has weakened significantly in the last few weeks. This is evident from the fact that risk reversals stood at stood at -1.0 on Jan. 22 and -1.15 on Jan. 3.

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