2018-08-29
In Asia, Japan will release the Consumer Confidence and the US will release some Economic Data such as Crude Oil Inventories, Pending Home Sales m/m, Prelim GDP Price Index q/q, and Prelim GDP q/q. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL: Resistance. 3: 111.77. Resistance. 2: 111.55. Resistance. 1: 111.33. Support. 1: 111.07. Support. 2: 110.85. Support. 3: 110.64.
Disclaimer: Trading Forex (foreign exchange) on margin carries a highlevel of risk, and may not be suitable for all Traders or Investors.The high degree of leverage can work against you as well as for you.Before deciding to invest in foreign exchange you should carefullyconsider your investment objectives, level of experience, and riskappetite. The possibility exists that you could sustain a loss of someor all of your initial investment and therefore you should not investmoney that you cannot afford to lose. You should be aware of all therisks associated with foreign exchange trading, and seek advice froman independent financial advisor if you have any doubts.
Technical analysis: Intraday Level For EUR/USD, Aug 29, 2018
2018-08-29
TODAY'S TECHNICAL LEVEL: Resistance. 3: 111.77. Resistance. 2: 111.55. Resistance. 1: 111.33. Support. 1: 111.07. Support. 2: 110.85. Support. 3: 110.64.
Disclaimer: Trading Forex (foreign exchange) on margin carries a highlevel of risk, and may not be suitable for all Traders or Investors.The high degree of leverage can work against you as well as for you.Before deciding to invest in foreign exchange you should carefullyconsider your investment objectives, level of experience, and riskappetite. The possibility exists that you could sustain a loss of someor all of your initial investment and therefore you should not investmoney that you cannot afford to lose. You should be aware of all therisks associated with foreign exchange trading, and seek advice froman independent financial advisor if you have any doubts.
Technical analysis: Intraday Level For EUR/USD, Aug 29, 2018
2018-08-29
When the European market opens, some Economic Data will be released such as French Prelim GDP q/q, French Consumer Spending m/m, and German GfK Consumer Climate. The US will release the Economic Data too such as Crude Oil Inventories, Pending Home Sales m/m, Prelim GDP Price Index q/q, and Prelim GDP q/q, so amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL: Breakout BUY Level: 1.1749. Strong Resistance:1.1742. Original Resistance: 1.1731. Inner Sell Area: 1.1720. Target Inner Area: 1.1692. Inner Buy Area: 1.1664. Original Support: 1.1653. Strong Support: 1.1642. Breakout SELL Level: 1.1635.
Disclaimer: Trading Forex (foreign exchange) on margin carries a highlevel of risk, and may not be suitable for all Traders or Investors.The high degree of leverage can work against you as well as for you.Before deciding to invest in foreign exchange you should carefullyconsider your investment objectives, level of experience, and riskappetite. The possibility exists that you could sustain a loss of someor all of your initial investment and therefore you should not investmoney that you cannot afford to lose. You should be aware of all therisks associated with foreign exchange trading, and seek advice froman independent financial advisor if you have any doubts.
Fundamental Analysis of USD/CAD for August 29, 2018
2018-08-29
USD/CAD has been quite impulsive with the bearish gains recently which has lead the price to reside below the 1.2950 area with a daily close. Despite the mixed economic reports on both USD and CAD published recently, CAD has gained momentum as of better results in comparison.
While US is currently quite busy dealing with Mexico trade policies other than NAFTA, it has been performing quite poorly with the recently published economic reports which resulted to certain weakness on the USD side against CAD. Recently, Bank of Canada Governor Poloz has spoken about the deployment of digital technologies helping the economy to grow and having an optimistic view for the further development of the Canadian economy in the process. The positive outlook did help the CAD buyers to regain momentum and push the price against USD more precisely.
Ahead of CAD GDP report to be published tomorrow which is expected to decrease to 0.1% from the previous value of 0.5%, today CAD Current Account report is going to be published which is expected to increase to -15.3B from the previous figure of -19.5B.
On the other hand, today USD Prelim GDP report is going to be published which is expected to have a slight decrease to 4.0% from the previous value of 4.1% and Pending Home Sales report is also expected to decrease to 0.3% from the previous value of 0.9%.
As of the current scenario, both currencies of the pair are expecting dovish outcome of the upcoming economic reports which is expected to inject certain volatility in the market. Though the final decision of definite pressure can be only made after the upcoming economic reports are published where certain spikes may be observed in the process. Though there are certain chances of strong counter of USD but having CAD performing well till now which might also impact the upcoming reports, CAD is expected to lead the price again in the long-term against USD.
Now let us look at the technical view. The price is currently residing below the 1.2950 area which was broken out with a daily close. The breakout was not quite as impulsive as expected to lead to further bearish momentum in the process for which certain bullish retracement is expected towards the 1.2950-1.3050 area before the price starts to push the price lower again in the coming days. As the price remains below 1.3050 with a daily close, the bearish bias is expected to continue with target towards the 1.2750 area.
SUPPORT: 1.2750
RESISTANCE: 1.2950, 1.3050
BIAS: BEARISH
MOMENTUM: IMPULSIVE
Fundamental Analysis of AUD/USD for August 29, 2018
2018-08-29
AUD/USD has been quite volatile and indecisive recently at the edge of the 0.7310 area from where currently it is expected to push lower in the coming days. Despite AUD having better economic reports recently, it failed to maintain the momentum against USD which is expected to lead to further downward movement in the process.
So far, this week, AUD has been quite silent having no economic reports to impact the upcoming momentum in the pair, but tomorrow, AUD Private Capital Expenditure report is going to be published which is expected to increase to 0.6% from the previous value of 0.4% and Building Approvals is expected to decrease to -2.2% from the previous value of 6.4%.
On the USD side, today, USD Prelim GDP report is going to be published which is expected to have a slight decrease to 4.0% from the previous value of 4.1% and Pending Home Sales report is also expected to decrease to 0.3% from the previous value of 0.9%.
As of the current scenario, AUD has been forecasted to have mixed results while USD is expected to be quite dovish. Though USD is currently dominating the pair, certain volatility is expected until AUD reports are published tomorrow. If AUD performs poorly with the economic reports, USD is expected to extend its gains further despite the dovish economic reports.
Now let us look at the technical view. The price is currently quite impulsive with the bearish pressure which is currently trying to break below the 0.7310 area with a daily close. Though the volatility and corrective phase are still active and a daily close below 0.7310 is expected to inject further impulsive momentum with target towards the 0.7200 and 0.7050 area in the coming days. As the price remains below 0.75 with a daily close, the bearish bias is expected to continue.
SUPPORT: 0.7310, 0.7200, 0.7050
RESISTANCE: 0.7450, 0.7500
BIAS: BEARISH
MOMENTUM: VOLATILE
Technical analysis of Gold for August 29, 2018
2018-08-29
Gold price is pulling back towards $1,200 for a back test of the break out. Price has also broken above the long-term wedge pattern and has started making higher highs and higher lows in short time frames. This could be the start of a bigger bounce towards $1,220-$1,250 as long as we hold above $1,180.
TODAY'S TECHNICAL LEVEL: Breakout BUY Level: 1.1749. Strong Resistance:1.1742. Original Resistance: 1.1731. Inner Sell Area: 1.1720. Target Inner Area: 1.1692. Inner Buy Area: 1.1664. Original Support: 1.1653. Strong Support: 1.1642. Breakout SELL Level: 1.1635.
Disclaimer: Trading Forex (foreign exchange) on margin carries a highlevel of risk, and may not be suitable for all Traders or Investors.The high degree of leverage can work against you as well as for you.Before deciding to invest in foreign exchange you should carefullyconsider your investment objectives, level of experience, and riskappetite. The possibility exists that you could sustain a loss of someor all of your initial investment and therefore you should not investmoney that you cannot afford to lose. You should be aware of all therisks associated with foreign exchange trading, and seek advice froman independent financial advisor if you have any doubts.
Fundamental Analysis of USD/CAD for August 29, 2018
2018-08-29
USD/CAD has been quite impulsive with the bearish gains recently which has lead the price to reside below the 1.2950 area with a daily close. Despite the mixed economic reports on both USD and CAD published recently, CAD has gained momentum as of better results in comparison.
While US is currently quite busy dealing with Mexico trade policies other than NAFTA, it has been performing quite poorly with the recently published economic reports which resulted to certain weakness on the USD side against CAD. Recently, Bank of Canada Governor Poloz has spoken about the deployment of digital technologies helping the economy to grow and having an optimistic view for the further development of the Canadian economy in the process. The positive outlook did help the CAD buyers to regain momentum and push the price against USD more precisely.
Ahead of CAD GDP report to be published tomorrow which is expected to decrease to 0.1% from the previous value of 0.5%, today CAD Current Account report is going to be published which is expected to increase to -15.3B from the previous figure of -19.5B.
On the other hand, today USD Prelim GDP report is going to be published which is expected to have a slight decrease to 4.0% from the previous value of 4.1% and Pending Home Sales report is also expected to decrease to 0.3% from the previous value of 0.9%.
As of the current scenario, both currencies of the pair are expecting dovish outcome of the upcoming economic reports which is expected to inject certain volatility in the market. Though the final decision of definite pressure can be only made after the upcoming economic reports are published where certain spikes may be observed in the process. Though there are certain chances of strong counter of USD but having CAD performing well till now which might also impact the upcoming reports, CAD is expected to lead the price again in the long-term against USD.
Now let us look at the technical view. The price is currently residing below the 1.2950 area which was broken out with a daily close. The breakout was not quite as impulsive as expected to lead to further bearish momentum in the process for which certain bullish retracement is expected towards the 1.2950-1.3050 area before the price starts to push the price lower again in the coming days. As the price remains below 1.3050 with a daily close, the bearish bias is expected to continue with target towards the 1.2750 area.
SUPPORT: 1.2750
RESISTANCE: 1.2950, 1.3050
BIAS: BEARISH
MOMENTUM: IMPULSIVE
Fundamental Analysis of AUD/USD for August 29, 2018
2018-08-29
AUD/USD has been quite volatile and indecisive recently at the edge of the 0.7310 area from where currently it is expected to push lower in the coming days. Despite AUD having better economic reports recently, it failed to maintain the momentum against USD which is expected to lead to further downward movement in the process.
So far, this week, AUD has been quite silent having no economic reports to impact the upcoming momentum in the pair, but tomorrow, AUD Private Capital Expenditure report is going to be published which is expected to increase to 0.6% from the previous value of 0.4% and Building Approvals is expected to decrease to -2.2% from the previous value of 6.4%.
On the USD side, today, USD Prelim GDP report is going to be published which is expected to have a slight decrease to 4.0% from the previous value of 4.1% and Pending Home Sales report is also expected to decrease to 0.3% from the previous value of 0.9%.
As of the current scenario, AUD has been forecasted to have mixed results while USD is expected to be quite dovish. Though USD is currently dominating the pair, certain volatility is expected until AUD reports are published tomorrow. If AUD performs poorly with the economic reports, USD is expected to extend its gains further despite the dovish economic reports.
Now let us look at the technical view. The price is currently quite impulsive with the bearish pressure which is currently trying to break below the 0.7310 area with a daily close. Though the volatility and corrective phase are still active and a daily close below 0.7310 is expected to inject further impulsive momentum with target towards the 0.7200 and 0.7050 area in the coming days. As the price remains below 0.75 with a daily close, the bearish bias is expected to continue.
SUPPORT: 0.7310, 0.7200, 0.7050
RESISTANCE: 0.7450, 0.7500
BIAS: BEARISH
MOMENTUM: VOLATILE
Technical analysis of Gold for August 29, 2018
2018-08-29
Gold price is pulling back towards $1,200 for a back test of the break out. Price has also broken above the long-term wedge pattern and has started making higher highs and higher lows in short time frames. This could be the start of a bigger bounce towards $1,220-$1,250 as long as we hold above $1,180.
Black lines - wedge pattern (broken)
Green lines - bullish short-term channel
Gold price is rising inside a short-term bullish channel. Short-term support is first at $1,200 and next at $1,190. We could see $1,190 as a back test of the broken wedge pattern, however this is not necessary. Resistance is at $1,205 and next at $1,214 yesterday's highs. A break above this level will open the way for a move towards $1,220-30 at least. I'm bullish as long as we trade above $1,180.
Technical analysis of EUR/USD for August 29, 2018
2018-08-29
EUR/USD has reached the 1.1730 previous resistance area and pulled back as expected. Although trend remains bullish as the price remains inside a bullish channel, we warned yesterday that the RSI was giving bearish divergence signs and that a pullback should be expected.
Green lines - bullish short-term channel
Gold price is rising inside a short-term bullish channel. Short-term support is first at $1,200 and next at $1,190. We could see $1,190 as a back test of the broken wedge pattern, however this is not necessary. Resistance is at $1,205 and next at $1,214 yesterday's highs. A break above this level will open the way for a move towards $1,220-30 at least. I'm bullish as long as we trade above $1,180.
Technical analysis of EUR/USD for August 29, 2018
2018-08-29
EUR/USD has reached the 1.1730 previous resistance area and pulled back as expected. Although trend remains bullish as the price remains inside a bullish channel, we warned yesterday that the RSI was giving bearish divergence signs and that a pullback should be expected.
Green lines - bullish channel
Blue line - bearish divergence
EUR/USD has short-term support at 1.1650 at the lower channel boundary. If this level is broken, we should expect the prices to continue lower towards 1.1570 where we find the 38% Fibonacci retracement of the entire rise from 1.13. If this level is broken too, we should then expect EUR/USD to fall as far as the 61.8% Fibonacci retracement which is the next important support. Another break above 1.1730 will be a very bullish sign specially if accompanied by a new RSI high in the 4 hour chart. This will increase dramatically the chances that low at 1.13 is a major low. If however, the price makes new high with bearish RSI divergence, bulls should be very cautious as the market will be preparing for a deeper pullback.
Blue line - bearish divergence
EUR/USD has short-term support at 1.1650 at the lower channel boundary. If this level is broken, we should expect the prices to continue lower towards 1.1570 where we find the 38% Fibonacci retracement of the entire rise from 1.13. If this level is broken too, we should then expect EUR/USD to fall as far as the 61.8% Fibonacci retracement which is the next important support. Another break above 1.1730 will be a very bullish sign specially if accompanied by a new RSI high in the 4 hour chart. This will increase dramatically the chances that low at 1.13 is a major low. If however, the price makes new high with bearish RSI divergence, bulls should be very cautious as the market will be preparing for a deeper pullback.
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