InvestMacro

By RoboForex Analytical Department

The Pound Sterling continues plummeting against the USD; by now, it has already dropped to 1.1660.

Apart from the strong USD factor, the Pound is being significantly pressured by domestic news. Britain’s energy regulator announced Friday that energy bills for households in the UK would rise by 80% in October. In response to that, the HM Treasury said that it was thoroughly working on developing new options to support households and defuse cost loading from energy price surges. However, all these words didn’t help the Pound at all.

The bearish pressure on the Pound is currently too strong to expect a quick and miraculous recovery.

Systematic issues inside the British economy might seriously escalate in the near future due to the energy crisis, making the national currency much cheaper.

As we can see in the H4 chart, having finished the correctional structure at 1.1900 and rebounded from this level, GBP/USD is forming a new descending structure towards 1.1600. Later, the market may start another correction to reach 1.1750 and then resume trading downwards with the target at 1.1550. From the technical point of view, this scenario is confirmed by the MACD Oscillator: its signal line is moving below 0 and may continue falling to reach new lows soon.

In the H1 chart, after completing the correction at 1.1900, breaking the correctional channel at 1.1744, and then forming a new consolidating range there, GBP/USD has broken it downwards and may continue falling towards 1.1600. Later, the market may correct to test 1.1744 from below and then resume trading downwards with the target at 1.1550. From the technical point of view, this scenario is confirmed by the Stochastic Oscillator: its signal line is moving below 20. In the future, it may grow to rebound from 50 and resume falling to return to 20.

Disclaimer

Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

Article By RoboForex.com

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming a Hanging Man reversal pattern close to the resistance level, USDCAD may reverse in the form of a new descending impulse. In this case, the downside correctional target may be at 1.2990. Later, the market may rebound from this level and resume growing. However, an alternative scenario implies that the asset may continue growing to reach 1.3125 without any pullbacks down to the support area.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed an Inverted Hammer reversal pattern near the support area. 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 0.6970. 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 0.6825 and continue the uptrend only after the pullback down to support area.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after testing the support area, the pair has formed a Hammer reversal pattern. At the moment, USDCHF may reverse in the form of a new ascending impulse. In this case, the upside target may be the resistance level at 0.9750. After testing this level, the price may break it and continue trading upwards. Still, there might be an alternative scenario, in which the asset may correct to reach 0.9621 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.

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

In the H4 chart, EURUSD is trading below the 200-day Moving Average to indicate a possible descending tendency. In this case, the price is expected to test 2/8, break it, and then continue falling to reach the support at 1/8. Still, this scenario may no longer be valid if the price breaks the resistance at 3/8 to the upside. After that, the instrument may reverse and grow towards 5/8.

As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue its decline.

GBPUSD, “Great Britain Pound vs US Dollar”

In the H4 chart, GBPUSD is moving inside the “oversold area”. In this case, the price is expected to rebound from -1/8 and resume growing to reach the resistance at 2/8. However, this scenario may no longer be valid if the price breaks -1/8 to the downside. After that, the instrument may continue falling towards the support at -2/8.

As we can see in the M15 chart, the upside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may resume trading upwards only after rebounding from -1/8 in 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 JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 0.9973
• Prev Close: 0.9964
• % chg. over the last day: -0.09%

A recession in the Eurozone is now very likely. Still, it alone will not lower inflation, and the European Central Bank should opt for a significant interest rate hike next month, ECB policymaker Martins Kazaks said on Saturday. The ECB raised rates by 50 basis points in July, and a similar move is scheduled for September 8, but some policymakers have begun talking about even more hikes as the outlook for inflation worsens. Mr. Kazacs also added that with zero rates now, the ECB is still supporting the economy, and by the first quarter of next year, the bank should reach a neutral level that does not slow or stimulate the economy.

Trading recommendations

• Support levels: 0.9931
• Resistance levels: 1.0032, 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 trading below the moving averages again. The MACD indicator has become negative. Under such market conditions, buy trades are best sought on intraday time frames from the support level of 0.9931, but with confirmation. Sell trades can be considered from resistance levels of 1.0032, 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 2022.08.29:

• – US FOMC Member Brainard Speaks at 21:15 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.1833
• Prev Close: 1.1737
• % chg. over the last day: -0.82%

Amid talk that inflation will exceed 18% next year and families across the country are likely to face energy poverty this winter, Britain’s economic woes are worsening by the day. Analysts agree that the Bank of England will have no choice but to plunge the economy into a serious recession and cause massive job cuts to curb price pressures. Rising energy prices are fueling financial markets with higher inflation forecasts, leading traders to believe the Bank of England should be more aggressive. Money markets are now showing expectations of a 4.25% rise in the benchmark interest rate next year, the highest level since 2008.

Trading recommendations

• Support levels: 1.1659
• Resistance levels: 1.1838, 1.1901, 1.1994, 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 British pound is losing ground again and doing it faster than the euro. The MACD indicator has turned negative, and prices are below the moving levels again. At the moment, it is better to look for sell trades from the resistance level of 1.1838 or 1.1901, but only after the additional confirmation. Buy trades can be considered on intraday time frames from the support level of 1.1659, but only with confirmation and short targets.

Alternative scenario: if the price breaks out through the 1.1994 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: 136.48
• Prev Close: 137.52
• % chg. over the last day: +0.76%

According to analysts, wage growth in Japan will lag behind inflation for the next 12 months. And that’s bad news for the economy. And it is one of the reasons why the Bank of Japan should keep its massive monetary stimulus and dovish policy until wages show more clear signs of growth. Thus, the Japanese yen will be under the pressure of low rates at least till the end of the year, which will contribute to the further growth of USD/JPY quotes amid the tightening of the policy by the US Fed.

Trading recommendations

• Support levels: 136.85, 135.89, 135.35, 134.23, 133.47, 132.27, 131.08, 130.85
• Resistance levels: 138.55

From the technical point of view, the medium-term trend on the currency pair USD/JPY is bullish. The price is trading above the moving average lines again, and the buyers’ pressure is increasing. The MACD indicator has become positive. Under such market conditions, buy trades can be searched for from the support level of 136.85, but with additional confirmation. For sell deals, it is possible to consider the resistance level of 138.55, 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: 1.2927
• Prev Close: 1.3027
• % chg. over the last day: +0.77%

The US Energy Information Administration says oil and natural gas will remain the dominant energy sources through 2050. Although renewables will expand rapidly, 70% of the world’s energy in 2050 will still come from fossil fuels. Canada is the world’s fifth-largest producer and fourth-largest exporter of oil and natural gas. The future of Canada’s oil and gas sector is to produce them with the lowest possible greenhouse gas emissions. This takes advantage of the fact that G7 countries, including Canada and the European Union, classify natural gas as a transitional form of green energy. Thus, the Canadian dollar will be even more dependent on the dynamics of oil and natural gas prices. And that is the reason why rising energy prices, along with monetary tightening by the Bank of Canada, are keeping the Canadian dollar in line with the US dollar.

Trading recommendations

• Support levels: 1.3036, 1.2965, 1.2943, 1.2900, 1.2858, 1.2809, 1.2761
• Resistance levels: 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 currently trading at the resistance level, with buyer pressure temporarily prevailing. Under such market conditions, buy trades should be considered on the lower time frames from the support level of 1.3036, but only with confirmation. For sell deals, it is best to consider the resistance level of 1.3090, but only with short targets.

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

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.