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German Factory Orders Slump
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By Forexminute - Jonathan Millet | Forex Tips |

German Factory Orders Slump
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The German factory orders slumped by 2.7% last month against the previous recorded figure of 5.0% growth in July, hence leading the euro to lose instantly against the U.S. dollar on Thursday. The pair could not break the resistance of 1.3230 after which it fell in the European and as well as in the U.S. session, where it tested the support of the 1.3102 psychological level after losing 130 points in one day.

The bears entered heavily as the Non-manufacturing sector of the U.S. grew better than expected, plus the unemployment claims fell while indicating that the labor market is improving consistently.

The EUR/USD is currently trading at 1.3129 in the European session on Friday where it may remain sluggish until the start of the U.S. session, where the Non-farm payrolls and the unemployment rate of the U.S. are due that could certainly instill huge volatility in the market, provided the pair moves above the 1.3153 pivot point level, it would target 1.3174 and 1.3196, breaking of which could show 1.3226 and 1.3263.

On the other hand, breaking of yesterday’s low of 1.3102 could drag the pair down to 1.3086, 1.3064 and 1.3043.

Pound – Bullish as of now

The British Pound remained bullish, but lost nearly 80 points yesterday after the release of economic indicators of the U.S., and is currently hovering at the 1.5606 level. If it manages to move above the 1.5613 pivot point level, then it would target resistance levels of 1.5633, 1.5654 and 1.5662. Whereas, breaking of 1.5585 can take it down to 1.5560 and 1.5539, below which heavy selling could be seen.

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The manufacturing production data is due today for GBP, and of course the employment numbers of the U.S in the U.S. session later on.

Gold – Reacting Strongly

As mentioned earlier that the gold and stock market are reacting instantly on whatever the fundamentals are coming, mainly from the United States. Therefore, the gold market witnessed bears during Thursday’s U.S. session where it bounced back from the psychological level of 1400 and tumbled badly on the positive numbers of the non-manufacturing sector and unemployment claims of the U.S.

Gold is trading at 1370 and is back in the bearish zone, where breaking of 1364 could take it back to 1352 and 1346 levels, below which it could hit its previous support of 1331. On the other hand, breaking of 1375 can bring it up to 1382 and 1400 levels.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com

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About: Forexminute - Jonathan Millet

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Jonathan Millet is currently the proud CEO of ForexMinute.com, the brand new financial news portal which is making waves among Forex traders around the globe for the innumerable Forex resources it off...


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