InvestMacro

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD has formed a Hammer reversal pattern not far from the support area. At the moment, the asset may reverse in the form of a new ascending impulse. In this case, the upside target may be at 1770.50. At the same time, the opposite scenario implies that the price may correct to reach 1745.00 first and then resume trading upwards.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, during the pullback, NZDUSD has formed a Harami reversal pattern close to the resistance area. At the moment, the asset is reversing in the form of another descending impulse. In this case, the downside correctional target may be at 0.6175. After that, the asset may rebound from the support level and resume moving upwards. However, an alternative scenario implies that the price may grow to reach 0.6270 without testing the support level.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed a Hammer reversal pattern near the support level. At the moment, the pair may reverse in the form of a new ascending impulse. In this case, the upside target may be the resistance area at 1.1885. Later, the market may rebound from this level and resume falling. Still, there might be an alternative scenario, in which the asset may continue falling to reach the support level at 1.1725 without testing the resistance area.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Article By RoboForex.com

Brent

As we can see in the H4 chart, Brent is trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to break 4/8 and continue moving downwards to reach the support at 3/8. However, this scenario may no longer be valid if the asset breaks 5/8 to the upside. After that, the instrument may reverse and grow to return to the resistance at 6/8.

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline.

S&P 500

As we can see in the H4 chart, after breaking the consolidation range, the S&P Index is trading below 3/8. In this case, the price is expected to test 2/8, break it, and then continue falling towards the support at 1/8. However, this scenario may no longer be valid if the asset breaks the resistance at 3/8 to the upside. After that, the instrument may reverse and grow to reach 4/8.

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards to reach 1/8 from the H4 chart.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

By ForexTime 

Allow me to begin with an important note: this article was published before Fed Chair Jerome Powell is due to make his Jackson Hole speech later today (Friday, August 26th), which may trigger an almighty reaction across global financial markets.

Still, that shouldn’t stop us from already giving you a heads up on major economic data releases and events for the coming week:

Monday, August 29

• AUD: Australia July retail sales
• UK markets closed

Tuesday, August 30

• JPY: Japan July jobless rate
• EUR: Eurozone August economic confidence, Germany August CPI
• USD: US August consumer confidence, New York Fed President John Williams speech

Wednesday, August 31

• JPY: Japan July industrial production, retail sales, August consumer confidence
• CNH: China August PMIs
• EUR: Eurozone August CPI, Germany August unemployment
• EUR: Russian gas flow to Europe halted for 3 days due to Nord Stream pipeline maintenance
• CAD: Canada June/2Q GDP
• USD: Fed speak – Cleveland Fed President Loretta Mester, Atlanta Fed President Raphael Bostic
• US crude: EIA weekly oil inventory report

Thursday, September 1

• AUD: Australia August manufacturing PMI
• CNH: Caixin China August manufacturing PMI
• EUR: Eurozone July unemployment, August manufacturing PMI (final)
• GBP: UK August manufacturing PMI (final)
• USD: US weekly jobless claims, ISM August manufacturing

Friday, September 2

• USD: US August nonfarm payrolls

The euro has already been beleaguered by a confluence of economic woes, including record-high inflation, the ECB’s apparent lag behind the Fed in its own rate hikes, and a darkening economic outlook (no thanks to the war that’s still raging off its eastern borders).

All that has already combined to drag EURUSD below parity, down to levels not seen in 20 years!

And the shared currency may find little solace from the data dump due out of the Eurozone in the coming week:

• August economic confidence (due Tuesday, Aug 30): forecasted to slip further to 97.8 compared to 99.0 in the month prior
• August CPI (due Wednesday, Aug 31): 8.8% estimate, a slight reprieve in the year-on-year headline inflation figure from July’s 8.9% – a record high.

Even an upside surprise in the headline CPI print to a fresh record high (above 8.9%) which potentially pushes the European Central Bank into a steeper rate-hiking cycle, may not be enough to offer support for the euro currency, considering the major concerns swirling about the Eurozone economy.

Worsening energy crisis for Europe?

Also crucially, EU policymakers fear that Russian gas flows may be halted, after the Wednesday-Friday maintenance to the crucial Nord Stream pipeline is completed.

Such a drastic event would only exacerbate Europe’s energy crisis, while dragging EURUSD to lower depths!

US jobs report to have major say on EURUSD

And of course, the USD half of EURUSD will also hold tremendous sway over the world’s most popularly-traded currency pair.

And markets will be keenly awaiting the August US nonfarm payrolls report, due on September 2nd.

The median estimate in Bloomberg’s survey of economists predict a 300,000 increase in US jobs created this month. If so, that would be lower than July’s 528k print, and also the lowest number of monthly jobs created since December 2019.

However, the US unemployment rate is forecasted to remain at a five-decade low of 3.5%.

Investors and traders worldwide may still interpret the relatively lower headline NFP print as a sign that US jobs growth momentum is waning.

That may suggest that the Fed will take a more gradual approach with its rate hikes (shy away from supersized 75 basis point hikes and instead be more comfortable with 50-bps hikes or even back to the customary 25bps adjustments).

Such a narrative may translate into a softer US dollar which in turn alleviates the downward pressure on EURUSD and lift this currency pair back above parity.

EURUSD forecasted to remain below parity going into September

As things stand (again, before Powell’s speech due later today at Jackson Hole), here are some probabilities over potential EURUSD levels for you to mull over:

• Using 2002’s price action for reference, further declines for EURUSD below its recent cycle low of 0.99 should see stronger support around the 0.96 region.
  However, markets are only pricing in a mere 1.8% chance of such a drastic drop to such lows in the week ahead (at the time of writing).
• To the upside, the 1.0000 parity level now plays the crucial role as immediate resistance, with stronger resistance set to arrive around 1.009 (late-July cycle lows), following by EURUSD’s 50-day simple moving average around 1.02.
• Overall, there appears to be a greater-than-even chance (58%) that EURUSD should stay below parity over the coming week.

In summary, as long as king dollar remains well bid in anticipation of more supersized Fed rate hikes, coupled with growing pessimism surrounding the Eurozone, that should heap more downward pressure on EURUSD.

Article by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

By JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 0.9963
• Prev Close: 0.9973
• % chg. over the last day: +0.10%

The US GDP contraction in the second quarter was revised to 0.6% from 0.9%. Weekly jobless claims fell by 2,000 to 243,000. Thus the US labor market remains strong, and the economy is contracting, but not as fast as originally anticipated. All these signs give the US Federal Reserve the room to raise interest rates further aggressively.

Trading recommendations

• Support levels: 0.9941
• Resistance levels: 0.9996, 1.0112, 1.0146, 1.0230, 1.0286, 1.0365

From the technical point of view, the trend on the EUR/USD currency pair on the hourly time frame is bearish. In the run-up to the Fed head’s speech, volatility has decreased, and the price forms a balance. The MACD indicator has become inactive. Under such market conditions, buy trades are best to be sought on intraday time frames from the support level of 0.9941, but with confirmation. Sell trades can be considered from resistance levels of 0.9996, but only after additional confirmation, as the level has already been tested twice.

Alternative scenario: if the price breaks out of the 1.0146 resistance level and fixes above, the uptrend will likely resume.

News feed for 2022.08.26:

• – US PCE Price index (m/m) at 15:30 (GMT+3);
• – Jackson Hole Symposium at 16:00 (GMT+3);
• – US Fed Chair Powell Speaks at 17:00 (GMT+3);
• – US Michigan Consumer Sentiment (m/m) at 17:00 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.1791
• Prev Close: 1.1835
• % chg. over the last day: +0.37%

Economic observers are warning of a harsh winter in the UK as utilities prepare for an unprecedented increase in energy bills in October, followed by another increase in January. The British pound is under pressure for three main reasons: the energy crisis, the interest rate differential between the US Fed and the Bank of England, and policy uncertainty.

Trading recommendations

• Support levels: 1.1787, 1.1659
• Resistance levels: 1.1903, 1.2000, 1.2035, 1.2167, 1.2215, 1.2294

From the technical point of view, the trend on the GBP/USD currency pair on the hourly time frame is bearish. The price is now forming an accumulation zone. The MACD indicator has become inactive, and the sellers’ pressure has slightly decreased, but the main priority is still downward. At the moment, it is better to look for sell deals from the resistance level of 1.1903 or 1.2000, but only after the additional confirmation. Buy trades can be considered on intraday time frames from the support level of 1.1787, but only with confirmation and short targets.

Alternative scenario: if the price breaks out through the 1.2000 resistance level and fixes above, the uptrend will likely resume.

There is no news feed for today.

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 136.99
• Prev Close: 136.50
• % chg. over the last day: -0.36%

“Moving to tighten monetary policy when demand remains inadequate to supply will hurt Japan’s economy and be a major constraint on households and business activity,” a Bank of Japan official said yesterday. According to policymakers, although core consumer inflation is slowly accelerating due to rising energy, food, and durable goods prices, such growth is likely to dissipate by the end of the year. For this reason, the Bank of Japan continues to maintain an ultra-soft monetary policy while other central banks worldwide are raising interest rates.

Trading recommendations

• Support levels: 135.89, 135.35, 134.23, 133.47, 132.27, 131.08, 130.85
• Resistance levels: 137.01, 137.43, 138.25

From the technical point of view, the medium-term trend on the currency pair USD/JPY is bullish. The USD/JPY has corrected to the levels of the moving averages and is forming a balance. The MACD indicator has become inactive. Under such market conditions, buy trades can be sought from the support level of 135.89 or 135.35, but with additional confirmation. For sell deals, traders can consider the resistance level of 137.01, but only with additional confirmation, as fundamentally, USD/JPY quotes are inclined to grow.

Alternative scenario: If the price fixes below 135.35, the downtrend will likely resume.

News feed for 2022.08.26:

• – Japan Tokyo Core CPI (m/m) at 02:30 (GMT+3).

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2966
• Prev Close: 1.2922
• % chg. over the last day: -0.34%

Oil prices declined on Thursday due to volatile trade as investors prepare for the possible return of sanctioned Iranian oil exports to global markets and fears that rising US interest rates will dampen fuel demand. On the other hand, the prospect that the OPEC+ producer group may limit oil supplies limits the fall in oil prices. The Canadian dollar is a commodity currency, so it is highly dependent on indicators such as the dollar index as well as oil prices. Fundamentally, traders should not expect any medium-term trends in the currency pair USD/CAD.

Trading recommendations

• Support levels: 1.2900, 1.2858, 1.2809, 1.2761
• Resistance levels: 1.2985, 1.3016, 1.3090, 1.3105

From the point of view of technical analysis, the trend on the USD/CAD currency pair is bullish. The price is now trading at the levels of the moving averages, with the sellers’ pressure temporarily prevailing. Under such market conditions, buy trades should be considered on the lower time frames from the support level of 1.2900, but only with confirmation. For sell deals, it is better to consider the resistance level of 1.2985.

Alternative scenario: if the price breaks down and consolidates below the 1.2900 support level, the downtrend will likely resume.

There is no news feed for today.

By JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

RoboMarkets won the title of “Best ECN Broker – Europe” at the annual Global Brands Awards 2022. In the past, organisers have rewarded RoboMarkets with this nomination twice – in 2020 and 2021.

The event organiser, Global Brands Magazine, is the leading media in providing the latest and most detailed analytics and information about global brands from various segments, which demonstrate outstanding results in different business areas. Global Brands Awards are given to the most successful representatives in the spheres of finance, education, tourism, lifestyle, technology, and the car industry. The major goal is building the awareness of the most outstanding brands in their areas to reward them for their effort in achieving leading positions in the market.

Denis Golomedov, Chief Marketing Officer at RoboMarkets, says: “RoboMarkets has been named the “Best ECN Broker – Europe” for the third consecutive year, and it has become a good tradition with us. We’d like to express our profound gratitude to the jury panel and promise to do our utmost to make the list of winners next year”.

About RoboMarkets

RoboMarkets is an investment company with the CySEC license No. 191/13. RoboMarkets offers investment services in many European countries by providing traders, who work on financial market, with access to its proprietary trading platforms. More detailed information about the Company’s products and activities can be found on the official website at www.robomarkets.com.

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

Having completed the descending wave at 0.9909, EURUSD is growing towards 1.0030. After that, the instrument may start another with the target at 0.9950, or even extend this structure down to 0.9807.

GBPUSD, “Great Britain Pound vs US Dollar”

After finishing the descending wave at 1.1755, GBPUSD is growing towards 1.1885. Later, the market may start a new decline to break 1.1777 and then resume trading downwards with the target at 1.1695.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is consolidating around 136.50. Today, the pair may fall towards 135.70 and then form one more ascending structure to test 136.00 from below. After that, the instrument may resume trading downwards with the target at 134.66.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is still consolidating around 0.9645. Possibly, today the pair may fall towards 0.9600. If later the price breaks this range to the upside, the market may resume trading upwards with the target at 0.9715; if to the downside – start a new correction to reach 0.9515.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is consolidating around 0.6900. Today, the pair may grow towards 0.6970 and then start another decline with the target at 0.6900.

BRENT

Brent has reached its upside target at 102.22; right now, it is consolidating there. Possibly, the asset may expand the range up to 102.33 and then start a new decline with the target at 99.70, or even extend this correctional structure down to 97.40.

XAUUSD, “Gold vs US Dollar”

After finishing the ascending wave at 1757.30, Gold is expected to consolidate there. Possibly, the metal may break the range to the downside and continue the correction down to 1742.42. Later, the market may form one more ascending structure with the target at 1772.00.

S&P 500

The S&P index has completed the descending wave at 4110.0; right now, it is consolidating around 4139.0. Possibly, today the asset may grow towards 4170.0 and then fall to return to 4139.0. If later the price breaks this range to the upside, the market may start a new growth to reach 4222.0; if to the downside –resume trading downwards with the target at 4090.0.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

EURUSD is rebounding from Kijun-Sen. The instrument is currently moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the bullish channel’s upside border at 1.0040 and then resume moving downwards to reach 0.9780. Another signal in favour of a further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.0165. In this case, the pair may continue growing towards 1.0250. To confirm a further downtrend, the price must break the bullish channel’s downside border and fix below 0.9985.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is testing Tenkan-Sen and Kijun-Sen. The instrument is currently moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 133.25 and then resume moving upwards to reach 140.35. Another signal in favour of a further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 133.45. In this case, the pair may continue falling towards 132.55. To confirm a further uptrend, the price must break the bearish channel’s upside border and fix above 137.45.

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD has fixed below the support area. The instrument is currently moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.6235 and then resume moving downwards to reach 0.6035. Another signal in favour of a further downtrend will be a rebound from the upside border of the Triangle pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.6355. In this case, the pair may continue growing towards 0.6445. To confirm a further downtrend, the price must break the pattern’s downside border and fix below 0.6135.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

By JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 0.9966
• Prev Close: 0.9967
• % chg. over the last day: +0.01%

Dutch gas prices, the European benchmark, rose again on Wednesday as the prospect of a Nord Stream 1 supply cut kept investors on edge. Russia’s state energy company Gazprom said on Friday that Russia would suspend natural gas supplies to Europe via Nord Stream 1 for three days due to unscheduled maintenance. The spike in gas prices continues to pressure the region’s economy and the European currency in particular. Also, the difference in interest rates between the US Federal Reserve (2.5%) and the ECB (0.5%) affects the decrease in the quotes.

Trading recommendations

• Support levels: 0.9932
• Resistance levels: 0.9996, 1.0112, 1.0146, 1.0230, 1.0286, 1.0365

From the technical point of view, the trend on the EUR/USD currency pair on the hourly time frame is bearish. The price is now forming a wide balance. The MACD indicator has become positive, and buying pressure prevails. Under such market conditions, buy trades are best to be sought on intraday time frames from the support level of 0.9932, but with confirmation. Sell trades can be considered from resistance levels of 0.9996, but only after additional confirmation, as the level has already been tested twice.

Alternative scenario: if the price breaks out of the 1.0146 resistance level and fixes above, the uptrend will likely resume.

News feed for 2022.08.25:

• – Eurozone Germany GDP (q/q) at 09:00 (GMT+3);
• – Eurozone Germany Ifo Business Climate (m/m) at 11:00 (GMT+3);
• – Eurozone ECB Monetary Policy Meeting at 14:30 (GMT+3);
• – US GDP (q/q) at 15:30 (GMT+3);
• – US Initial Jobless Claims (w/w) at 15:30 (GMT+3);
• – Jackson Hole Symposium at 16:00 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.1825
• Prev Close: 1.1791
• % chg. over the last day: +0.29%

Traders are betting that the ECB and Bank of England will be forced to take bolder action to rein in rising prices. Markets have increased bets on a rate hike for the Bank of England, betting that interest rates will rise to 3.5% by the end of the year. The option model shows a 60% chance that the pound will fall to $1.14 by the end of the year, the lowest level since 1985. The economy is approaching recession, energy prices continue to skyrocket, and uncertainty about who will be the next prime minister are all factors creating a bearish mood for the British currency.

Trading recommendations

• Support levels: 1.1786, 1.1659
• Resistance levels: 1.1903, 1.2000, 1.2035, 1.2167, 1.2215, 1.2294

From the technical point of view, the trend on the GBP/USD currency pair on the hourly time frame is bearish. The price is now forming an accumulation zone. The MACD indicator has become positive, and sellers’ pressure has slightly decreased, but the main priority is still downward. At the moment, it is better to look for sell deals from the resistance level of 1.1903, but only after the additional confirmation. Buy trades can be considered on intraday time frames from the support level of 1.1786, but only with confirmation and short targets.

Alternative scenario: if the price breaks out through the 1.2000 resistance level and fixes above, the uptrend will likely resume.

There is no news feed for today.

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 136.76
• Prev Close: 137.12
• % chg. over the last day: +0.26%

Bank of Japan board member Toyoaki Nakamura said on Thursday that a new surge in pandemic cases clouds Japan’s economic outlook, continued supply constraints, and a steady rise in global commodity prices. So the Bank of Japan should maintain a large-scale stimulus to support the economy. Nakamura said that market worries about aggressive interest rate hikes by major central banks to curb inflation could also trigger capital outflows from emerging economies and hurt global growth.

Trading recommendations

• Support levels: 135.89, 135.35, 134.23, 133.47, 132.27, 131.08, 130.85
• Resistance levels: 137.01, 137.43, 138.25

From the technical point of view, the medium-term trend on the currency pair USD/JPY is bullish. The USD/JPY quotes have corrected to the levels of the moving averages and are forming a balance. Under such market conditions, buy trades can be sought from the support level of 135.89 or 135.35, but with additional confirmation. For sell deals, traders can consider the resistance level of 137.01, but only with additional confirmation, as fundamentally, USD/JPY quotes are inclined to grow.

Alternative scenario: If the price fixes below 135.35, the downtrend will likely resume.

There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2955
• Prev Close: 1.2971
• % chg. over the last day: +0.12%

The US Energy Information Administration reported a 3.3 million barrel drop in crude oil inventories last week. The Canadian dollar is a commodity currency that highly depends on oil prices. Also, yesterday it became known that the OPEC countries will fight the low oil prices, and if Iranian oil comes back to the world market, OPEC is ready to cut its production not to let the oil prices fall drastically. Therefore, the Canadian dollar, in addition to monetary tightening by the Bank of Canada, also has fundamental support in keeping oil prices from falling.

Trading recommendations

• Support levels: 1.2900, 1.2858, 1.2809, 1.2761
• Resistance levels: 1.2998, 1.3016, 1.3090, 1.3105

From the point of view of technical analysis, the trend on the USD/CAD currency pair is bullish. The price is now trading at the levels of the moving averages, with the sellers’ pressure temporarily prevailing. Under such market conditions, buy trades should be considered on the lower time frames from the support level of 1.2900, but only with confirmation. For sell deals, it is better to consider the resistance level of 1.2998.

Alternative scenario: if the price breaks down and consolidates below the 1.2900 support level, the downtrend will likely resume.

There is no news feed for today.

By JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Article By RoboForex.com

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming several reversal patterns close to the support level, such as Inverted Hammer, USDCAD may reverse in the form of a new ascending impulse. In this case, the upside target may be at 1.3045. Later, the market may break this level and continue growing. However, an alternative scenario implies that the asset may correct to reach 1.2935 first and then resume the uptrend.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed several reversal patterns near the support area, for example, Hammer. At the moment, the asset is reversing in the form of a new rising impulse. In this case, the upside target may be the resistance level at 0.6975. After testing the level, the price may break it and continue the ascending tendency. At the same time, the opposite scenario implies that the price may correct to reach 0.6865 and continue the uptrend only after the pullback.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after testing the resistance area, the pair has formed an Engulfing reversal pattern. At the moment, USDCHF may reverse in the form of a new descending impulse. In this case, the downside target may be at 0.9625. After testing the support level, the price may rebound from it and resume trading upwards. Still, there might be an alternative scenario, in which the asset may grow to reach 0.9745 and continue the ascending tendency only after the pullback.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

By JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 0.9939
• Prev Close: 0.9967
• % chg. over the last day: +0.28%

The US manufacturing PMI fell to 51.3 from 52.2 in August, while the services sector declined to 44.1 from 47.3, the lowest level since February 2021. Eurozone data is slightly better but also showed a downward trend. Thus, the index of business activity in the manufacturing sector of the Eurozone decreased from 49.8 to 49.7, and the services sector decreased from 51.2 to 50.2. Falling below the 50 bps level is the first sign that the economy is on the recession threshold.

Trading recommendations

• Support levels: 0.9949
• Resistance levels: 0.9996, 1.0112, 1.0146, 1.0230, 1.0286, 1.0365

From the technical point of view, the trend on the EUR/USD currency pair on the hourly time frame is bearish. But yesterday, the price showed a bullish impulse, forming an accumulation zone below. The MACD indicator has become inactive, and the sellers’ pressure is still high, but the divergence is observed. In such market conditions, it is better to look for buy trades on the intraday time frames from the support level of 0.9996, but with confirmation. Sell trades can be considered from resistance levels of 0.9956, but only after the additional confirmation.

Alternative scenario: if the price breaks out of the 1.0146 resistance level and fixes above, the uptrend will likely resume.

News feed for 2022.08.24:

• – US Core Durable Goods Orders (m/m) at 15:30 (GMT+3);
• – US Pending Home Sales (m/m) at 17:00 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.1761
• Prev Close: 1.1830
• % chg. over the last day: +0.59%

The UK manufacturing PMI fell sharply from 52.1 to 46. The decline was less painful in the service sector, from 52.6 to 52.5. The sharp slowdown in manufacturing is a direct consequence of the energy crisis in the country. According to JPMorgan Private Bank, the pound risks falling to 1.14 against the dollar if the winter gas supply crisis pushes the UK into recession.

Trading recommendations

• Support levels: 1.1786, 1.1659
• Resistance levels: 1.1903, 1.2000, 1.2035, 1.2167, 1.2215, 1.2294

From the technical point of view, the trend on the GBP/USD currency pair on the hourly time frame is bearish. Now the price has formed an accumulation zone with a bullish impulse, where traders can look for buy deals. The MACD indicator has become positive, and sellers’ pressure has decreased slightly, though the main priority is still downward. At the moment, it is better to look for sell deals from the resistance level of 1.1903, but only after the additional confirmation. Buy trades can be considered on intraday time frames from the support level of 1.1786, but only with confirmation and short targets.

Alternative scenario: if the price breaks out through the 1.2006 resistance level and fixes above, the uptrend will likely resume.

There is no news feed for today.

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 137.43
• Prev Close: 136.74
• % chg. over the last day: -0.50%

The Japanese yen gained some strength yesterday due to the dollar decline. But investors shouldn’t consider this movement as a full trend reversal, as fundamentally, the Japanese yen is getting cheaper due to the soft, adaptive policy of the Bank of Japan, while the US Federal Reserve conducts an aggressive tightening policy.

Trading recommendations

• Support levels: 135.89, 135.35, 134.23, 133.47, 132.27, 131.08, 130.85
• Resistance levels: 137.03, 137.43, 138.25

From the technical point of view, the medium-term trend on the currency pair USD/JPY is bullish. Yesterday, USD/JPY quotes were corrected to the moving averages’ levels. Under such market conditions, buy trades can be sought from the support level of 135.35, but with additional confirmation. For sell deals, traders can consider the resistance level of 137.03, but only with additional confirmation, as fundamentally, USD/JPY quotes are inclined to grow.

Alternative scenario: If the price fixes below 135.35, the downtrend will likely resume.

There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.3045
• Prev Close: 1.2957
• % chg. over the last day: -0.67%

The Canadian dollar strengthened considerably yesterday due to a decline in the dollar index and an increase in oil prices. Oil prices jumped more than $3 a barrel on Tuesday after Saudi Arabia floated the idea of OPEC+ production cuts to support prices in case Iranian oil returns to the world market and the prospect of US inventories declining.

Trading recommendations

• Support levels: 1.2967, 1.2900, 1.2858, 1.2809, 1.2761
• Resistance levels: 1.3006, 1.3090, 1.3105

From the point of view of technical analysis, the trend on the USD/CAD currency pair is bullish. Yesterday the price formed a false-breakout zone above the resistance level of 1.3006, which can be used as a selling point now. Buy trades should be considered on the lower time frames from the support level of 1.2967, but only with a confirmation.

Alternative scenario: if the price breaks down and consolidates below the 1.2903 support level, the downtrend will likely resume.

News feed for 2022.08.24:

• – US Crude Oil Reserves (w/w) at 17:30 (GMT+3).

By JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.