Wednesday, 27 September 2017

Trading signals 29.09.17

Posted by Valentine at 08:01 Labels:

Gold is once again below $1300

Gold continues to move downward, updating new local lows. The main reason for the resumed decline is the US dollar gains and the relatively quiet geopolitical situation. Today, in the middle of the European session, gold tried to hold the level at $1,290 but during European trading, the market was pushed lower to a local minimum of $1282.

Moving averages are turning downwards. MACD continues to decline in the negative zone, RSI approached the overbought zone.

Now the market in anticipation of new drivers and gold much depends on the performance of US president Trump and US dollar reaction. With a positive scenario for the dollar, the precious metal will fall to $1,280 and $1,275 per ounce. Otherwise, gold will rise to current highs at $1310.

Trade recommendations – out of the market

Brent - is consolidating at two-year maximum

The price of oil failed to hold above the 59th figure and fell in anticipation of data on US oil inventories, which will come out tonight. Yesterday's data from the API turned out to be positive for the market, and today in the market focus is the official data on reserves. If the numbers are close to the API numbers, this will support the oil price as well.

In general, the news background is favorable for "black gold". The OPEC  agreement and the reduction of production are carried out by the participating countries. The positive factor is also the threat of Turkey to stop the transit of oil from the Kurdish region of Iraq.

Technically, Brent looks overbought, and corrective decline, as it seems, is a natural continuation of events. However, even the strengthening of the US currency did not exert significant pressure on oil. Although the negative dynamics prevails on Wednesday. This cannot be called corrective pullback on profit-taking.

Moving averages turned up. MACD in the positive zone, the histogram of the indicator decreases. RSI has left the overbought zone and is heading down.

Brent is in upward trend and remains in it while it is above 56.50. The current decline is a kind of consolidation after the breakthrough of a significant level. The main trend is up, we are waiting for the strengthening of oil market back to 59.50 and 60.00 dollars per barrel. Support area is located 56.80-57

Trade recommendations - go long from the area of ​​57.80 and down to support $57

Eur/Usd - moved lower, approaching the first support zone 1.698-1.711

On Tuesday, EUR/USD fell significantly after the "hawkish" comments of the Fed leaders. As a result of strong pressure, yesterday pair broke 50 simple moving average and significant support level 1.1823. This is a factor in favor of the bears, and today they continue to dominate the market. Yesterday's lows of 1.1757 were passed immediately. The original target is area 1.1646, through the support of 1.1711. A more aggressive target is about 1.1420, which corresponds to a 38.2% recovery this year.

Trading recommendations - out of the market

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