Wednesday, 12 September 2018
Forex trading signals
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trading signals
EUR / USD - the market is waiting for ECB meeting, the risk of move below $1.1515 has strengthened amid more bullish USD sentiment
Yesterday the main FX currency pair market held a very volatile and interesting trading session. Bounced off from $ 1.1555 - the nearest support zone, EUR / USD gained up to the resistance $ 1.1640, which was followed by a corrective pullback on profit taking. Everything happened very technically and according to our expectations. Tuesday economic data had a minimal impact on the dynamics of the pair. Trading goes under the overwhelming influence of the US dollar. Today, the pair retains a positive sentiment, but we are witnessing the signs of USD dollar readiness to move to the growth. The dollar index is held above the strong support of 94.80 points. Move below this mark will indicate a weakening of the dollar for several weeks ahead. On the contrary, if this week the dollar index do not break down through this zone, we will see the next wave of USD strengthening ahead.
For EUR / USD, this means that the current week is also decisive in the medium term. If the pair moves above $ 1.1640 mark, in the long run the market will go up to $ 1.1755 -the upper limit of the medium-range. However, this week the market expects important news events, a meeting of the European regulator. It is likely that after the speech of ECB head, which should outline regulator plans and assess the state of the European economy, the market will move to decisive action. Until then, we can expect a gradual decline in trading activity and a decrease in volatility. We also recommend reducing the number of open positions. 1.1530-1.1515 is the zone to watch -if pulling back 1.1530-1.1515, go careful longs with short stops under 1.1515, with the passage 1.1640 - increase long positions.
Trade recommendations - careful longs in the zone 1.1530-1.1515
GBP / USD - to keep the pace, bulls should close the week above 1.3100
Corrective pullback to 1.2670-1.3100, in our opinion, has exhausted. In order for the bulls to indicate the intention to move higher, they should close the week above the level of 1.3100. The question is if they have the forces to accomplish it? Yesterday we observed high volatility, but the day was closed neutrally. The market consolidates in the narrow range of 1.2950-1.3100. Support is located in the area of 1.2950. As events continue to develop, it is not yet clear. In order to the storm 1.3100 (if the bulls decide on such a step), the market should form an operational space and pulls back lower to zone 1.2970-1.2950. We will wait for the market to adjust to this area to open careful long positions with short stops.
Trade recommendations- longs in the zone 1.2960-1.2950
AUD / USD - the market outlined the medium-term intention to sell the Australian dollar
The Australian dollar is trading under pressure. Consolidation is taking place in the area of 0.7100. The first tactical resistance in the area of 0.7130. The next resistance zone is in the area of 0.7160. The outlook is negative - the market indicated a medium-term intention to sell the Australian currency. Which, however, does not exclude the possibility of corrective pullback up to 0.7160.
Trading recommendations - shorts in the zone 0.7130 and 0.7160
Gold-fierce struggle for the level of $1196
Interesting and volatile trades on gold continue. Now the fight goes for the level of $ 1,196. On Tuesday, the buyers managed to return quotes above this mark. However, already today in Asian trading, the bears dropped the quotes lower in the zone 1192 - denoting a new local minimum. Thus, the market formed a narrow descending channel. Buyers need to close the day above $ 1196 to level this bearish pattern. Let's see how events will develop. The first real support in the $ 1190 area. If the bulls cannot close the day above $ 1196, we should consider closing most of the long positions that were opened above.
Trade recommendations - watch the level of $ 1196
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