Bullish if breaks above 1.2075
Yesterday, the Euro started the session against the US Dollar with a weak bias, as the small business optimism index in the US unexpectedly rose in August. However, the pair recovered losses, after the ECB Vice-President, Vitor Constancio, stated that the central bank’s inflation target would be sooner or later met despite low wage and price pressures. Presently, the pair is trading with an upside bias on the 1H chart, ahead of the Eurozone’s industrial production data, to be released today. Moreover, a positive centreline crossover by the MACD indicator, further endorses the bullish view. Important resistance aligns at the 1.2010 level, followed by the 1.2040 and 1.2075 levels. A surge above the latter might trigger further positivity in the pair. Meanwhile, key support resides at the 1.1950 level where EMA 200 is trading, followed by the 1.1920 and 1.1885 levels.
Key support placed at 22075
Key support placed at 22075
Yesterday, the Dow Jones index traded higher for the second successive session, driven by gains in banking and financial sector stocks such as Goldman Sachs Group and JPMorgan Chase. Moreover, the index was boosted by comments from the Treasury Secretary, Steve Mnuchin that the tax reform would be implemented by the year end. Currently, the index is trading in a short range of 22095-22135 on the 1H chart, suggesting at consolidation in the near term. However, a possible signal line crossover from above by the MACD, hints at likely correction in the index. Important support resides at the 22075 level, followed by the 22020 and 21975 levels. If the latter fails to hold, it might turn the main trend to bearish. Conversely, key resistance is located at the 22160, followed by the 22220 and 22270 levels.
Strong if breaks above 1.3335
Strong if breaks above 1.3335
The Pound strengthened against the US Dollar in the previous session and closed at 1.3283, after the UK’s annual inflation jumped to its highest level in five years in August, piling pressure on the Bank of England to raise interest rates from a record-low level sooner-thanexpected. On the 1H chart, the pair is trading above its short-term and long-term EMAs, ahead of the British unemployment and RICS house price data, to be released later today. Also, the MACD indicator is trading at a higher level above its midline, further affirming the above stance. Immediate resistance is observed at the 1.3335 level, a break above which might trigger further bullishness in the pair, clearing its way for the 1.3375 and 1.3420 levels. On the contrary, key support aligns at the 1.3265 level, followed by the 1.3235 and psychological
Positive if breaks above 7500
Positive if breaks above 7500
The FTSE 100 index traded in the red in the last session, amid a slump in housebuilding stocks including Persimmon, Barratt Developments and Taylor Wimpey. Meanwhile, shares of Ashtead Group rose following upbeat first-quarter results. As of now, the index is trading with a slightly upside tone on the 1H chart, hinting at positivity in the coming session. The key technical barrier is located at the 7435 level, followed by the 7465 and psychological 7500 level. A break and stability above the latter might lead to upside momentum in the index. However, a possible centerline crossover the MACD indicator to trade into the negative region, suggests a possible correction over intraday basis. Key support is seen at the 7370 level, followed by the 7345 and 7315 levels. A breach below the latter might generate further bearish pressure on the index.
Intraday Stance – Mildly Positive
Intraday Stance – Mildly Positive
The US Dollar traded firmer against the Yen in the prior session, after the data released in the US showed a more than expected rise in the job openings for the month of July. As of now, the pair is trading with an upside tone on the 1H chart, indicating at a bullish technical outlook. The key technical barrier is situated at the 110.45 level, followed by the 110.70 and psychological 111.00 levels. A move back above the latter might lead to further strength in the pair. However, the MACD indicator is moving towards the south, hinting that the upside might remain limited. Key support is positioned at the 109.85 level, followed by the 109.50 where EMA 55 is located and 109.20 levels. A breach below the latter might trigger bearish pressure on the pair.
Weak if crosses below $1320
The precious metal finished in the negative territory in the last session, led by a stronger US Dollar on the back of several upbeat economic releases in the US. As of now, the yellow metal is trading with a slightly negative showing on the 1H chart, reflecting the presence of bearishness in the coming session. Besides, the MACD indicator is moving towards the south, hinting at possible downside momentum over intraday basis. Crucial support is positioned at the $1328 level, followed by the $1323 and $1320 levels. A move back below the latter might trigger a further acceleration to the downside. On the positive side, the key technical obstacle is situated at the $1334 level, followed by the $1337 and $1340 levels. A break and stability above the latter might lead to upside momentum in the yellow metal.
Bearish if breaches below $52.75
Bearish if breaches below $52.75
Yesterday, the Brent Crude continued its uptrend for the second straight session, after a report from OPEC showed a drop in the crude oil production in August. As of now, the commodity is trading with a weak bias on the 1H chart, hinting at the bearish momentum in the coming session. In addition, the MACD indicator has witnessed a signal line crossover from above, further substantiating the above view. Key technical support is located at the $53.70 level, followed by the $53.15 and $52.75 levels. A move back below the latter might lead to negative momentum in the Brent crude. On the other hand, intraday resistance is placed at the $54.65 level, a sustained break above which might lead to a further acceleration to the upside, paving the way for the psychological $55.00 and $55.50 levels.
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This communication is intended solely for the person or entity to whom it is addressed. Such person or entity is prohibited from disseminating, distributing, transmitting or forwarding this communication to any other person or entity. This communication may not be used in whole or in part by any person or entity which it was not originally directed to by ADS Securities LLC (“ADSS”, “us” or “we”). Trading foreign exchange, foreign exchange options, foreign exchange forwards, contracts for difference, bullion and other over-the-counter products carries a high level of risk and may not be suitable for all investors. All opinions, news, analysis, prices or other information contained in this communication are provided as general market commentary and does not constitute investment advice, nor a solicitation or recommendation for you to buy or sell any over-the-counter product or other financial instrument. Further, this information has been prepared without regard to any specific investment objectives or financial position (including deposit size, leverage, risk appetite and risk exposure) of any specific person. Any reference to historical price movements is informational and based on our analysis. We do not represent or warranty that any such movements are likely to occur in the future, as past performance is not necessarily indicative of future results. While we believe the information contained herein to be reliable, we do not guarantee its accuracy or completeness. You understand that we do not produce the information with the intent of impacting your investment decisions, therefore, you release us from any liability for any losses, including without limitation, any loss of profit you may incur as a result of reliance on such information or entering into any transaction. By receiving this material, you confirm and agree that you have read, received and understood ADSS’s Risk Disclosure.
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