Thursday, 31 August 2017

Trading signals. Focus on US labor data

Posted by Anonymous at 18:24 Labels:

EURUSD - the correction of the dollar turned out to be short, focus on US labor data

On Wednesday, US dollar continued its gradual recovery, winning back its lost positions. Support for the US currency was provided by positive macroeconomic statistics. The revised GDP data showed US economy growth by 3%, against expectations of 2.7%. The number of employees from ADP grew by 237,000, although only 183,000 were forecasted. Nevertheless, today's European trades showed that the US currency is losing momentum. After the decline in the area of ​​1.1830-the lower boundary of the ascending channel, the pair moved back to gains.

However, tomorrow's data is already beginning to influence the markets. In this sense, if tomorrow labor data prove to be strong, the markets will again begin to seriously consider another rate hike this year. In this case, the US currency will receive strong support on all fronts.

Technically, the struggle for August close should unfold around the important level around 1.2000. The close of this month and a week above 1.20, will create conditions for further strengthening of the pair.

Recommendation: out of the market and wait for tomorrow's data

Gold-$1300 strategic support limited corrective impulse, which indicates the complete superiority of bulls

After reaching local minimums of $1300.62, and a small consolidation, today the market moved to rapid gains and recovered higher in the region of $1315. The price was able to return above the middle line of the rising channel and gain a foothold above it, and this gives reason to expect further upward movement towards 1313 and 1325. The fundamental background brings risk of increased volatility amid Non-farm data tomorrow. Technically, if the day closes at these levels (above 1305-1307), conditions are created for new test of the local maximum (1325).

Our recommendations: go long from levels $ 1308- $ 1312

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