InvestMacro

By Orbex

USDCHF awaits catalyst

The US dollar consolidates as traders reposition themselves ahead of nonfarm payrolls.

The pair has been changing hands in a narrow range between 0.9100 and 0.9200. Multiple attempts at both ends suggest a lack of commitment.

A catalyst-driven breakout would dictate the direction for the days to come. A rally would test the recent peak at 0.9240, a prerequisite for a reversal above 0.9300.

On the downside, a sell-off may dampen optimism and lead to a retest of the demand zone at 0.9050.

XAGUSD tests major resistance

Bullions await a breakout as Treasury yields stabilize going into today’s high-impact jobs report.

Silver’s recovery above the psychological level of 24.00 has attracted more buying interest. However, the price has met resistance at the supply zone near 24.35, which coincides with the 30-day moving average.

A bullish breakout would trigger an extended rally as sellers rush to cover. Then 25.00 would be the next target.

However, a plunge below 23.80 may cause a correction towards the daily support at 23.00.

NAS 100 shows exhaustion

The Nasdaq 100 holds onto the high ground as investors ponder how the labor data may affect the QE.

The index is looking to extend gains from the all-time high of 15700. Nonetheless, sentiment remains bullish with signs of overextension.

An RSI bearish divergence is a heads-up that a correction might be due. A break below 15520 may pull the trigger and 15300 on the 20-day moving average would be an important support.

On the upside, 15800 would be the immediate target if the bulls can keep up with the momentum.

Article by Orbex

Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com

By The Market Research Team, ForexTime

Article by ForexTime

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

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

As we can see in the daily chart, EURUSD is expected to update the high at 1.1860 and then start a new correction towards 1.1793. After that, the instrument may form one more ascending wave to reach 1.1910 and then start another correction to return to 1.1793. In fact, the asset is expected to form a new consolidation range around 1.1793.

GBPUSD, “Great Britain Pound vs US Dollar”

In the daily chart, after breaking 1.3750 to the upside, GBPUSD is consolidating around this level and may expand this range up to 1.3820. After that, the instrument may fall to test 1.3750 from above and then start another growth towards 1.3900. Later, the market may form a new descending structure to return to 1.3750.

USDRUB, “US Dollar vs Russian Ruble”

As we can see in the daily chart, USDRUB is still forming the fifth descending wave towards 72.10. This month, the asset may fall to reach 72.35 and then start a new correction to test 73.33 from below. Later, the market may resume falling to reach 72.10 and then form one more ascending wave with the target at 73.50.

USDJPY, “US Dollar vs Japanese Yen”

In the daily chart, USDJPY is forming the first descending wave towards 108.05; right now, it is consolidating around 110.00. The main scenario implies that the price may expand the range down to the first target at 108.05. After that, the instrument may correct to test 110.00 from below and then start a new decline with the target at 106.20.

BRENT

As we can see in the daily chart, after finishing the correction at 65.05, Brent is trading upwards to reach 76.00 and may later start a new correction towards 70.20. After that, the instrument may form one more ascending structure with the short-term target at 79.15. In fact, the asset is expected to move within the uptrend with the first target at 83.50.

XAUUSD, “Gold vs US Dollar”

In the daily chart, after breaking 1794.00 and then forming a new consolidation range around this level, Gold has broken it to the upside as well and may continue trading upwards to reach 1900.00. After that, the instrument may return to 1794.00 to test it from above and then resume growing. The next upside target will be clear after the asset breaks 1900.00.

S&P 500

In the daily chart, after completing another ascending structure at 4500.0, the S&P index is consolidating around this level. Possibly, the asset may break the range to the upside and reach 4620.0 and then start a new correction towards 4500.0. Later, the market may start another growth with the target at 4750.0. However, all rising movements should be considered as an alternative scenario as the index may start plummeting at any moment. In this case, the downside target will be at 4000.0.

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.

By Orbex

XAUUSD tests daily resistance

Gold consolidates recent gains ahead of the US jobs reports.

Traders are looking for direction after the metal recouped most losses from the August sell-off. 1832 is major resistance on the daily chart.

A bullish breakout may trigger an extended rally as the short side bails out. We can expect volatility with 1860 as a potential target. A fall below 1790 however would tip the balance to the downside.

1755 would be the first support in a retracement. In the meantime, an overbought RSI has led intraday buyers to take profit.

EURGBP consolidates support

The euro inched higher after a drop in the unemployment rate across the eurozone in July.

The recovery has gained momentum after the pair cleared the daily resistance at 0.8555. The 20-day MA crossing the 30-day one suggests that sentiment may have turned around.

Following a short consolidation, the single currency has met buying interest along 0.8550 and then 0.8570. 0.8610 is the next resistance and its breach could clear the path for a rally to the recent peak at 0.8660.

USOIL hits key resistance

WTI crude found support from the EIA’s report of a large reduction in US stockpiles. The V-shaped rebound is now testing the key hurdle on the daily timeframe (69.50).

An RSI divergence indicates a loss in the upward momentum. Short-term buyers have taken some chips off the table and caused a pullback. 67.00 is the immediate support.

A deeper retracement may send the price to 65.30. On the upside, a close above 69.50 may open the door to 73.00 and reverse an eight-week long correction.

Article by Orbex

Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset has formed several reversal patterns, including Harami, not far from the resistance level. At the moment, EURUSD may reverse and start a new pullback. In this case, the correctional target may be at 1.1815. Later, the market may rebound from the support area and resume trading upwards. However, an alternative scenario implies that the price may continue growing to reach 1.1885 without correcting towards the support area.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed a Long-Legged Doji pattern during the pullback. At the moment, USDJPY is reversing and may start a new growth towards 110.55. At the same time, an opposite scenario implies that the price may correct to reach 109.75 before resuming its ascending tendency.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming several reversal patterns, for example, Hanging Man, near the resistance area, EURGBP is reversing in the form of a new decline towards the support level. In this case, the downside target may be at 0.8530. Later, the market may break the support level and continue its descending tendency. Still, there might be an alternative scenario, according to which the asset may correct towards 0.8610 before further decline.

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: 1.1809
• Prev Close: 1.1839
• % chg. over the last day: +0.25%

The unemployment rate in Europe decreased to 7.6% (previous – 7.8%). But economists believe that the fall in unemployment in the eurozone was caused by a drop in the labor force as a whole rather than an increase in employment. Against the background of the decline in the dollar index, as well as investors’ concerns about the fact that the ECB may start to take actions to suppress inflation, the European currency rate increased. The ECB is planning to hold a monetary policy meeting on September 9.

Trading recommendations

• Support levels: 1.1816, 1.1799, 1.1759, 1.1704, 1.1620
• Resistance levels: 1.1854, 1.1894, 1.1934, 1.1969

From a technical point of view, the general trend of the EUR/USD currency pair has changed to bullish. The price broke through the priority change level and consolidated above. But the MACD indicator is still signaling a divergence in the opposite direction. The price has deviated from the moving average; given the divergence, the probability of a corrective downward move is increasing. Under such market conditions, it is best to look for sell trades from the resistance levels, where sellers show initiative. Buy trades can be considered only after a pullback to the support levels near the moving average.

Alternative scenario: if the price breaks through the 1.1704 support level and fixes below, the mid-term uptrend will likely be broken.

News feed for 2021.09.02:

• – US Initial Jobless Claims at 15:30 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.3748
• Prev Close: 1.3768
• % chg. over the last day: +0.15%

The UK Manufacturing PMI increased to 60.3 in August, which is higher than experts forecasts. This is a good sign as the UK manufacturing growth has slowed sharply in recent weeks.

Trading recommendations

• Support levels: 1.3741, 1.3692, 1.3632, 1.3614, 1.3525
• Resistance levels: 1.3793, 1.3772, 1.3886, 1.3935, 1.4002

On the hourly time frame, the GBP/USD trend is bearish. But the local trend is upward, and the price is trading near the priority change level. Against the background of the dollar index decline, this level can be easily broken. The MACD indicator has become inactive. Under such market conditions, it is better to look for sell trades from the resistance level, where sellers show initiative. Buy positions can be considered only with short targets throughout the day.

Alternative scenario: if the price breaks through the 1.3793 resistance level and consolidates above, the bullish scenario will likely resume.

There is no news feed for today.

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 109.98
• Prev Close: 110.02
• % chg. over the last day: +0.04%

The USD/JPY currency pair is highly dependent on the dynamics of the dollar index now. During the American session, the dollar index fell, which led to a decrease in the USD/JPY quotes. As a result, the price returned to the wide corridor, forming a false-break zone above.

Trading recommendations

• Support levels: 109.43, 109.19, 108.65
• Resistance levels: 110.11, 110.34, 110.66, 110.95, 111.48

The main trend of the USD/JPY currency pair is bullish. Due to the dollar index decline, the price returned to the wide corridor yesterday. The MACD indicator has become inactive again. Under such market conditions, traders should look for buy trades from the support level, where the buyers show initiative. Sell positions should be considered only on the lower time frames from the false breakdown zone.

Alternative scenario: if the price falls below 109.43, the uptrend is likely to be broken.

There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2610
• Prev Close: 1.2619
• % chg. over the last day: +0.07%

The Canadian dollar is a commodity currency, so the USD/CAD currency pair is highly dependent on the dynamics of the dollar index and oil prices. Yesterday, both the dollar index and oil prices decreased. As a result, the USD/CAD currency pair is trading in the corridor without any dynamics.

Trading recommendations

• Support levels: 1.2583, 1.2554
• Resistance levels: 1.2656, 1.2713, 1.2812, 1.2891, 1.2951

In terms of technical analysis, the USD/CAD trend is still bullish. The price was testing the priority change level yesterday but it couldn’t break through the level. It is better to look for buy positions from the priority change level where buyers show initiative. Sell positions can be considered from the resistance levels, or after the breakthrough of the 1.2583 support level.

Alternative scenario: if the price breaks through the 1.2583 support level and fixes below, the uptrend will likely be broken.

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.

by JustForex

September started with renewed buying of tech stocks, which helped the Nasdaq index add 0.33% and close at a new peak yesterday. The Dow Jones industrial index decreased by 0.14%. The S&P 500 index stayed about the same. The national employment report from ADP showed that the US private sector jobs increased by 374,000 in August compared to 326,000 in July, which is much less than the forecast of 613,000. Such statistics have negatively affected the dollar index. Now, investors are waiting for the report on initial jobless claims and non-farm payrolls. If these reports are also lower than the expectations, most likely, the quantitative easing (QE) program will remain unchanged till the end of the year, and the dollar index is heading to a strong decline.

Most European stock indices rose yesterday but closed without a single dynamic. The British FTSE 100 increased by 0.4%, French CAC 40 jumped by 1.2%, Italian FTSE MIB added 0.7%, Spanish IBEX 35 jumped by 1.6%. However, the German DAX decreased by 0.1%. In Germany, shares of tire maker Continental (-2%), real estate company Vonovia (-1.5%), and chemical company BASF (-1.4%) declined the most. European Central Bank Vice President Luis de Guindos said in an interview with Spain’s El Confidencial that Eurozone economies are performing better than expected in 2021, and these improvements will be reflected in further economic forecasts.

Two major factors affected oil prices yesterday. On the one hand, OPEC+ countries agreed to support the current plan to gradually increase supply by 400,000 bpd, which plays in favor of lower oil prices. On the other hand, the US government report on crude oil reserves showed a larger-than-expected drop in inventories, which would push the price up as oil demand remains at a high level. As a result, the oil price fell during the US session, suggesting that the market is paying more attention to the OPEC+ agreement than to oil inventories.

Natural gas continues to set price records. Natural gas inventories reports are expected today. A drop in inventories could lead to even more growth, as the demand is now much higher than supply.

Gold prices haven’t changed much compared to the previous day. The fundamental picture for gold is now in favor of growth, as the soft monetary policy from the Federal Reserve leads to lower US Treasury bond yields, and gold has an inverse correlation to this indicator.

Asian stock indices are trading without a single dynamic. Asia-Pacific’s broadest index outside Japan, the MSCI, decreased by 0.2% from a five-week high. Japan’s Nikkei added 0.2%, and South Korea’s KOSPI lost 0.9%. Bank of Japan member Goushi Kataoka says that the Bank of Japan is ready to increase stimulus if a new wave of coronavirus affects the economic recovery. Japan should not lag behind other countries in supporting the economy with ultra-soft monetary policy.

Main market quotes:

S&P 500 (F) 4,524.09 +1.41 (+0.03%)

Dow Jones 35,312.53 −48.20 (−0.14%)

DAX 15,824.29 −10.80 (−0.07%)

FTSE 100 7,149.84 +30.14 (+0.42%)

USD Index 92.52 −0.11 (−0.11%)

• – US Initial Jobless Claims at 15:30 (GMT+3);
• – US Natural Gas Storage (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.

By The Market Research Team, ForexTime

Article by ForexTime

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

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After rebounding from 1.1844 and then finishing the descending impulse at 1.1796, EURUSD is forming a new consolidation range above the latter level. If later the price breaks this range to the upside, the market may correct upwards to reach 1.1818; if to the downside – start a new decline with the short-term target at 1.1770.

GBPUSD, “Great Britain Pound vs US Dollar”

After completing the ascending wave at 1.3802 along with descending impulse towards 1.3740, GBPUSD is consolidating around the latter level. Possibly, the pair may correct to reach 1.3773 and then start another decline with the short-term target at 1.3707. In fact, the asset is expected to form the first descending wave with the target at 1.3678.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB continues falling. Today, the pair may reach 72.93 and then start another correction to test 73.55 from below. Later, the market may resume trading downwards with the target at 72.65.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still consolidating around 109.80. Possibly, today the pair may expand the range up to 110.25 and then form a new descending structure to reach the downside border at 109.29.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is forming another ascending impulse towards 0.9199. After that, the instrument may break this level and then continue trading upwards with the short-term target at 0.9247.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed the ascending wave at 0.7335. Possibly, today the pair may resume trading within the downtrend with the first target at 0.7284.

BRENT

Brent is still consolidating around 72.00. Possibly, the asset may expand this range up to 73.33 and then start a new correction with the target at 70.25. After that, the instrument may form one more ascending structure to reach 75.30.

GOLD

Gold is consolidating around 1812.66. Possibly, today the metal may start another growth towards 1824.00 and then resume trading downwards with the target at 1802.40.

S&P 500

After finishing the correction at 4515.8, the S&P index is still growing towards 4555.5. After that, the instrument may form a new descending structure with the target at 4510.0.

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

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the current growth is slowing down. This technical picture implies that the asset may start a new descending wave. The first downside target will be the low at 1.3572, a breakout of which may lead to a further downtrend towards the mid-term 38.2% fibo at 1.3419. On the other hand, the price may rebound from the low and resume trading upwards to reach 61.8% and 76.0% fibo at 1.3991 and 1.4087 respectively.

The H1 chart shows that after correcting upwards by 50.0%, the asset may continue growing to reach 61.8% fibo at 1.3838. At the same time, there is divergence on MACD may indicate a new short-term decline soon towards the local support at 1.3602.

EURJPY, “Euro vs. Japanese Yen”

In the H4 chart, the asset is correcting upwards after a test of 50.0% fibo at 127.87 and convergence on MACD. After the pullback is over, the pair may resume falling towards the mid-term 61.8% fibo at 126.40. The resistance is the high at 134.12.

As we can see in the H1 chart, convergence on MACD made the asset start a new correctional uptrend towards 38.2% fibo at 130.29. The next upside target may be 50.0% fibo at 131.02. On the other hand, a breakout of the local low at 127.93 will lead to a further downtrend. Also, there might be divergence on MACD to indicate a new decline soon.

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.