Forex analysis review
Forex analysis review |
- Overview of the GBP/USD pair. September 2. The "coronavirus" does not sleep and continues to pose a serious threat to humanity
- Overview of the EUR/USD pair. September 2. All attention is paid to the indicators of the state of the US labor market.
- Analysis of GBP/USD on September 1. UK's economy barely responds to the new surge of pandemic
- We can safely say that the cryptocurrency market is already in bull's arms
- EUR/USD: Euro dreams of flying will come true or not - depends on whether Friday's NFP becomes the icing on the cake or finally
- September 1, 2021 : EUR/USD daily technical review and trading opportunities.
- September 1, 2021 : EUR/USD Intraday technical analysis and trading plan.
- September 1, 2021 : GBP/USD Intraday technical analysis and significant key-levels.
- September 1, 2021 : A High probability SELL-Trade on Ethereum to be watched.
- Ethereum aims at 3,800 psychological level
- AUD/USD trades in uptrend mode
- Wave analysis of EUR/USD for September 1. ADP report sparks new US dollar sales
- Bitcoin: Forecast is working, everything is going according to plan. Keep track of the levels
- EUR/USD extends its growth as expected
- GBP/USD breakout brings continuation
- 230K Onecoin bitcoins discovered in Seychelles. Ether breaks through $3,600
- Trading Signal for Bitcoin, BTC, for September 01 - 02, 2021: Key level 48,203 (SMA 21)
- Trading Signal for Crude, Oil #CL, for September 01 - 02, 2021: Sell Below 68.75 and buy above 67.19 (3/8)
- USDCHF formed a triangle pattern.
- XRPUSD bulls try to break resistance
- Trading Signal for GOLD for September 01 - 02, 2021: Sell Below $ 1,820 (downtrend channel)
- Wave analysis of EUR/USD for September 1
- Bulls remain in control of the trend in EURUSD.
- Ichimoku cloud indicator analysis of Gold for September 1, 2021.
- Gold ended August with minimal gains and other metals ended with huge gains
| Posted: 01 Sep 2021 06:34 PM PDT 4-hour timeframe
Technical details: Higher linear regression channel: direction - downward. Lower linear regression channel: direction - downward. Moving average (20; smoothed) - sideways. CCI: 103.3275 The British pound paired with the US dollar also resumed its upward movement during Wednesday, having tried to fall below the moving average line. However, the attempt to change the trend to a downward one failed, so the British currency still retains high chances of growth. Recall that we have not received news and messages from the UK itself for a long time, which could support the pound in the confrontation with the American currency. By and large, the growth of 2,800 points that have been observed in the last year and a half is solely due to the American currency and the American fundamental background. And at this time, the situation does not change at all. The pound is still falling or growing solely based on factors from overseas. Because the markets had paid attention to factors from the UK, the pound would have been able to at least adjust by more than 600 points against the upward trend, equal to 2,800 points. In general, the technical picture for the pound/dollar pair is now almost the same as for the euro/dollar pair. The pound also had two rounds of correction in global terms (seen on the 24-hour TF). In the last couple of weeks, an upward movement began after the price rebounded from the target level of 1.3600, which we also repeatedly called a target. Thus, we also expect the pound to continue its upward movement since all the fundamental and macroeconomic factors that affect the pair are the same as in the case of the euro/dollar. Well, in the UK itself, meanwhile, there is a complete news calm. We have already said that the British Parliament is on vacation, so there is simply no big news from Boris Johnson, Dominic Raab, Rishi Sunak, and other top officials of the Kingdom. Also, there has not been a single message from the Bank of England or Andrew Bailey in the last few weeks. Therefore, there is nothing to analyze now. The latest news related to the evacuation from Afghanistan and possible sanctions from London against the new government of the country if it does not provide an unhindered exit from the country for everyone who wants to leave it. Even the topic of "coronavirus" has recently faded away again, although the number of cases of infection in Britain, albeit at a slow pace, continues to grow. The most important and at the same time sad news is now coming from doctors and scientists who continue to study the virus and its strains. According to the latest information, the virus is constantly mutating, and new strains are constantly appearing, against which existing vaccines show much less effectiveness. There is already talk that some groups of citizens will need a third vaccination. Scientists also found out that the body's resistance to the "coronavirus" decreases over time. After six months or a year, a person who has been vaccinated can easily get sick as the person who has not been vaccinated at all. Moreover, in the UK and the US, it was found that up to 25% of new patients who were infected with the delta strain had previously received both vaccinations against the "coronavirus." After this, it became known that the effectiveness of the most famous Pfizer vaccine is no more than 66% against the new strain. And to top it all off, scientists have concluded that no collective immunity can be achieved if we talk about current vaccine options. As we can see, it is quite easy to get infected with the "coronavirus" even when both vaccinations were made. Based on this, it is obvious that humanity may be stuck in a pandemic for at least a few more years, which will harm the economy and public life. In the last few months, all the economies of the world have been actively recovering. However, with the arrival of the cold season, the number of diseases may creep up again. Therefore, it is possible to introduce new restrictions, as well as new downturns in the economy. Thus, the American and British economies may begin to slow down again in the third and fourth quarters.
The average volatility of the GBP/USD pair is currently 70 points per day. For the pound/dollar pair, this value is "average." On Thursday, September 2, we expect movement inside the channel, limited by the levels of 1.3710 and 1.3850. A reversal of the Heiken Ashi indicator downwards will signal a new round of corrective movement. Nearest support levels: S1 – 1.3763 S2 – 1.3733 S3 – 1.3702 Nearest resistance levels: R1 – 1.3794 R2 – 1.3824 R3 – 1.3855 Trading recommendations: The GBP/USD pair continues to be located above the moving average line on the 4-hour timeframe. Thus, today, we should continue to trade for an increase with the targets of 1.3824 and 1.3850 until the Heiken Ashi indicator turns down. Sell orders should be considered in the case of a reverse consolidation of the price below the moving average line with targets of 1.3710 and 1.3672 and keep them open until the Heiken Ashi turns up. The material has been provided by InstaForex Company - www.instaforex.com |
| Posted: 01 Sep 2021 06:34 PM PDT 4-hour timeframe
Technical details: Higher linear regression channel: direction - downward. Lower linear regression channel: direction - sideways. Moving average (20; smoothed) - upward. CCI: 150.7254 The EUR/USD currency pair was trading very calmly again. Recall that on Tuesday, the pair was trading with an increase for most of the day. However, it fell by 45 points. On Wednesday, the pair gained 45 points, and American statistics partly facilitated this. However, we will talk about the foundation and macroeconomics a little later. The most important thing is that now an upward trend is maintained on almost all timeframes. We have repeatedly said that we expect a resumption of the global upward trend, and many factors support this option. Starting from the most global technical factors: in 2019, the long-term downward trend for the euro/dollar pair is expected to have ended; the global upward trend persists. Ending with fundamental global factors: the Fed continues to pump the US economy with money; Jerome Powell does not yet say that he is ready to start curtailing the QE program. Therefore, from our point of view, the pair has excellent opportunities to resume the upward movement and return to the level of 1.2240 in the next month, which is currently the local maximum and the maximum for the last three years. On the 4-hour TF, the quotes continue to be located above the moving average line. However, both linear regression channels are still directed downwards. Therefore, an upward trend is just beginning to emerge, and with the current volatility indicators, it may take a very long time to form. Thus, we continue to look towards the fall of the US dollar. And now we will begin to consider the fundamental and macroeconomic factors of a local nature. Yesterday, a report from ADP on the number of new employees in the US private sector was published. And this report turned out to be much worse than the forecast values, which predicted an increase of 500-600 thousand. It should be immediately clarified here that the ADP report is a secondary report on the state of the US labor market. The main one is Nonfarm Payrolls, which will be released this Friday. Moreover, the dynamics of changes in values from report to report for ADP practically do not coincide with the dynamics of changes in the Nonfarm Payrolls report. In other words, the ADP report may fail from time to time. However, this does not mean that Nonfarm will fail in parallel. Rather, the opposite is true. The last two ADP reports were the smallest in the last six months. And the last two Nonfarm reports are the strongest in the last 11 months. Thus, it is not guaranteed that this Friday's Nonfarm report will be weak. However, at the same time, the probability of this is high. It should be understood that this is great when the number of Nonfarm grows from month to month. However, it is an acceleration of the growth of the number of jobs outside the agricultural sector. This value cannot be accelerated continuously. We have already said that the increase of 500 thousand new places is already an excellent result. And over the past two months, the number of Nonfarm has increased by 1.9 million. Thus, after two such strong reports, there is a high probability of a decline. Also, in the last month, the problem of a new "wave" of the epidemic in the United States has become increasingly acute. The number of diseases is growing, and business activity is decreasing. Representatives of the Fed are beginning to change their rhetoric regarding the curtailment of the QE program in the near future, and Jerome Powell refuses to name specific dates when the Fed may begin to reduce the amount of money injected into the economy. Therefore, there is every reason to assume that August will not be as successful a month as June or July. Consequently, the Nonfarm report may turn out to be weaker than the forecast of 750 thousand this week, and the markets may get new grounds for selling off the US currency. Taking into account that traders have not managed to overcome the level of 1.1700, which we called the target for the last round of the global correction, the chances of the pair's growth are growing from this point of view. Hence the conclusion: if something in the fundamental or macroeconomic background does not change dramatically in the near future, the US dollar will continue to fall in price. And both linear regression channels on the 4-hour TF will gradually turn up.
The volatility of the euro/dollar currency pair as of September 2 is 43 points and is characterized as "low." Thus, we expect the pair to move today between the levels of 1.1801 and 1.1887. A reversal of the Heiken Ashi indicator downwards will signal a new round of corrective movement. Nearest support levels: S1 – 1.1841 S2 – 1.1810 S3 – 1.1780 Nearest resistance levels: R1 – 1.1871 R2 – 1.1902 R3 – 1.1932 Trading recommendations: The EUR/USD pair continues its weak upward movement. Thus, today, you should stay in long positions with targets of 1.1871 and 1.1887 until the Heiken Ashi indicator turns down. Sales of the pair will be possible if the pair is fixed back below the moving average line with targets of 1.1749 and 1.1719, and they should be kept open until the Heiken Ashi indicator turns up. The material has been provided by InstaForex Company - www.instaforex.com |
| Analysis of GBP/USD on September 1. UK's economy barely responds to the new surge of pandemic Posted: 01 Sep 2021 04:48 PM PDT
The current wave pattern of the GBP/USD pair still looks quite convincing. The supposed wave b turned out to be too deep, but it still does not violate the wave pattern. The quotes leaving the lows reached last week indicate that wave b can be completed and wave c has begun to form, which can be either the third wave in the current section or the last. Thus, the markets still have the opportunity to build an upward trend. This option remains the main one at this time. A successful attempt to break through the lows of the last waves of b and e will indicate that the markets are not ready to continue buying the pound and will require adjustments to the current wave pattern. But until this happens, an increase in the pair's quotes towards the peak of wave a, which is located near the level of 1.3981 can be expected. The indicated instrument increased by 35 basis points on Wednesday and may continue this increase in the coming days. Despite the fact that the growth of the quotes cannot be considered strong, it has been continuing for almost two weeks. The news background was strong enough this time, but the markets did not find any reason to really actively trade the instrument. The UK released its index of business activity in the manufacturing sector, which came out 60.3 points in August. But is only slightly different from the July value. This report had practically no effect on the markets' mood, and the markets paid the most attention to the American ADP report, after which the decline of the US currency continued. However, business activity is also quite an important indicator, as it can become a harbinger of economic slowdown. If the business activity falls, it means that the economy may slow down in its growth. If business activity declines below the 50th mark, it means that the economy may begin to collapse. In August, there was a surge in coronavirus diseases in both the United States and the United Kingdom. Therefore, it was very important to understand how the business activity indices would react to this surge. The manufacturing sector has shown that everything is in order. In the UK, business activity is 61.4 points, and in the US (the ISM index was released) it is 59.9 points. Now, we should wait for business activity in the service sector, which is considered more vulnerable to the pandemic. These reports will be released on Friday, and their values are already lower than the manufacturing sector. The business activity in the service sector is 55 points both in America and in Britain, and further decline is possible. The wave pattern is now more or less clear. An upward wave is still expected to form, so it is currently suggested to further buy the instrument for each MACD upward signal with targets located around the level of 1.4000 (first target). Perhaps, the instrument has completed forming the downward wave b and is ready to rise.
The upward part of the trend, which started to form a few months ago, has taken on a quite unclear form and has already been done. The new part of the trend may acquire an impulsive form, whose first wave acquired a rather extended form and exceeded the highs of waves b and d. The quotes have growing chances of another strong growth. If the news background does not interfere, then it should further rise in the near future. The material has been provided by InstaForex Company - www.instaforex.com |
| We can safely say that the cryptocurrency market is already in bull's arms Posted: 01 Sep 2021 02:17 PM PDT
Forecasts regarding bitcoin and the rest of the altcoin market are becoming as optimistic and bullish as possible. Facts and graphs are stubborn things, they can't lie when it comes to the cryptocurrency market, since this is the cornerstone of the entire crypto market. Now more than ever, you can see the introduction of new investors, a huge number of holders and a bullish wind of change. Now bitcoin continues its upward movement. This month, it tested its summer high by reaching the level of $50,500. If it manages to overcome this milestone and consolidate, then bitcoin can go up with great speed, up to its record highs. Now bitcoin continues its sideways movement, holding a large 200-day moving average. Also, do not forget about the impending golden cross for bitcoin. The altcoin market is also not asleep and is gaining momentum. Bitcoin's dominance is no longer an indisputable factor and continues to decline. Over the past couple of days, the decline in the dominance of bitcoin continued by another 2%, in total, the decline in the dominance of bitcoin was almost 8% in August. Now the main altcoin ethereum has taken over the palm, it has recorded an increase of more than 10% and has already been growing for about 3 weeks. Now ethereum is trading at the level of $3,553, there are all the prerequisites to break through the milestone of $4,000 in the fall, in the fourth quarter of this year. If ethereum is moving up, then, accordingly, other altcoins will also gain momentum, in particular, this is cardano - the main surprise and discovery of this year. Solano and polkadot are the cryptocurrencies that can be observed in a long bullish movement. Cardano has its own smart contracts, which will be launched this month, namely on the 12th. Polkadot has also significantly increased in its value due to the parachain auctions, which are due to take place in the near future. Solano is also impressive and shows a significant increase over the past seven days, where it was possible to observe an almost 100 percent increase. Now solano can really be considered as a worthy opponent of cardano, polkadot, and the king of altcoins ethereum itself because of its fast transaction speeds. The material has been provided by InstaForex Company - www.instaforex.com |
| Posted: 01 Sep 2021 02:17 PM PDT
Key US stock indexes have stalled near record peaks, which is not surprising, as the market enters September – the worst month of the year for stocks in the last two decades, according to statistics. There are still enough reasons for concern. The prospects for tightening the Federal Reserve's monetary policy are still vague, while the Delta coronavirus strain threatens to become a deterrent for stocks in the event of a reduction in consumer spending or the introduction of new restrictions. A similar picture is observed in the foreign exchange market, where the greenback cannot determine the direction of movement, fluctuating between gains and losses, and the EUR/USD pair is increasingly stuck in the range, and it is still unclear whether it will have enough strength to exit it. On Tuesday, the USD index sank to the lowest levels since August 6, but then it was able to recover to 92.65 points following an increase in the yield of long-term US government bonds. The day before, the indicator for 10-year treasuries rose to 1.303% from 1.284% recorded on Monday. Meanwhile, the EUR/USD pair fell to 1.1810 after touching almost four-week highs around 1.1841, as financial managers adjusted their portfolios at the end of the month. The single currency failed to move significantly above $1.18, even despite hawkish comments from European Central Bank officials and data released on Tuesday, which reflected that inflation in the eurozone rose to 3% on an annualized basis in August. This is the highest figure in a decade and above the ECB's target of 2%.
Robert Holzmann, the head of the Central Bank of Austria, said that the European regulator was in a situation where it could think about reducing emergency bond purchases, and added that he expects to discuss this issue at the September meeting of the ECB Governing Council. The eurozone economy is growing faster than the ECB expected, paving the way for a possible rejection of abundant stimulus, ECB Vice President Luis de Guindos said. "In 2021, the eurozone economy performed better than we expected, and this will be reflected in the forecasts that will be published in the coming days. If inflation and the economy return to normal, according to the logic of things, there will be a gradual normalization of monetary and fiscal policies," he said. The next meeting of the ECB will be held next week, but for now the minds of investors are still occupied by the Fed. The cautious tone of the comments of Fed Chairman Jerome Powell during his speech at the symposium in Jackson Hole caught the dollar bulls by surprise, provoking a corrective movement in the USD to multi-week lows around 92.40. Further down, 91.78 (the low of the end of July) and 91.61 (the 100-day moving average) follow. "The dollar's upward trend has ended, at least for the time being, after Fed Chairman Jerome Powell successfully separated the discussion about the timing of stimulus cuts from any decisions on higher interest rates," National Australia Bank strategists said. Apparently, Powell did not want to incur accusations that the US central bank has moved to tighten monetary policy at a time when economic growth in the country has probably started to slow down, and a repeat of the same fiscal expansion as last year looks almost impossible. The increase in the number of cases of COVID-19 has already led to a drop in consumer confidence in the United States to February levels, and this caution may soon affect demand. According to the Conference Board, in August, the consumer confidence index in the country fell to 113.8 points from 125.1 points recorded in July. "Although the resumption of COVID-19 and concerns about inflation have weakened confidence, it is too early to conclude that this decline will lead to consumers significantly reducing their spending in the coming months," the representatives of the Conference Board said. Now market participants will closely monitor the monthly data on US employment, which will allow us to assess the pace of economic recovery and give hints about the next steps of the Fed.
"The employment data will be the next event, given the focus on reducing QE by the Fed. The strong data will raise expectations that the central bank will notify the markets in advance of the curtailment of monetary stimulus in September before the official decision in November. Weaker jobs data due on Friday may instead strengthen the case for further delay – a preliminary announcement in November and an official decision in December," said strategists at Daiwa Securities. "Powell did not provide any new information at the Jackson Hole symposium, which makes the market wait for monthly data on the number of jobs in the non-agricultural sector of the United States. This is reflected in the fact that the dollar does not show a directional movement," Barclays analysts said. They believe that steady employment growth will continue in August, which should help the Fed to continue discussing the issue of reduction, which in turn will lead to an increase in the USD exchange rate. Commerzbank, on the contrary, sees opportunities for a further fall in the greenback if Friday's report on US employment does not meet market expectations. "The more obvious the signs become that the US economic recovery is slowing down, the less the Fed will have a desire to hurry up with tightening monetary policy," the bank's analysts say. According to them, this may lead to a smoother curtailment of asset purchases by the US central bank and a delay in a potential rate hike.
Commerzbank predicts that the greenback will probably weaken by the end of the year, as the foreign exchange market will need to reconsider its expectations regarding the Fed's curtailment of QE and push back the prospect of an increase in interest rates by the regulator, as the COVID-19 delta option will hit the US economy. At the same time, high inflation in the country will affect the purchasing power of the dollar for a longer time. In August, the number of jobs in the US private sector decreased by 374,000, according to the Automatic Data Processing (ADP) report published on Wednesday. Analysts expected an increase in the indicator by 650,000. "We are seeing a reduction in the number of new employees after a significant increase in the number of jobs in the first half of the year. Despite the slowdown, job growth is approaching the 4 million mark, but the figure is still 7 million less than before the COVID-19 pandemic," ADP economists said. Investors have yet to find out whether this report is a harbinger of weak payrolls, since ADP greatly underestimated the dynamics of employment a month earlier. However, after the release of this data, the greenback came under pressure and again dipped below the 50-day moving average at 92.50. Taking advantage of the weakening US currency, the EUR/USD pair increased its gain above 1.1800. It still stays above the 50-, 100- and 200-day moving averages. This suggests that, in general, the bulls are in control of the situation. "EUR/USD recently closed above the short-term bearish trend and completed the Falling Wedge reversal pattern. It could then target the July high at 1.1909 and the 1.1990-1.2005 area. On the other hand, support is at 1.1704 (March low), and further - at 1.1664 (recent low) and 1.1576 (200-week moving average),"- noted in Commerzbank. The material has been provided by InstaForex Company - www.instaforex.com |
| September 1, 2021 : EUR/USD daily technical review and trading opportunities. Posted: 01 Sep 2021 12:01 PM PDT
Recently, Persistence below the depicted price zone of 1.1990 indicated further downside movement towards 1.1840 and 1.1780 where a sideway consolidation range was established. During last week, the EURUSD pair has been trapped within a narrow consolidation range between the price levels of 1.1780 and 1.1840. A bullish breakout was executed above 1.1840 shortly after. Temporary Upside pullback was expected towards 1.1990. However, re-closure below the price level of 1.1840 has initiated another downside movement towards 1.1780 which failed to hold prices for a short period of time before significant upside movement was presented into market. Intraday traders were advised to wait for candlestick closure above 1.1780 - 1.1840 for another ascending swing to be initiated. This has just happened a few hours ago. Initial targets are expected to be projected towards 1.1910 and 1.199. The material has been provided by InstaForex Company - www.instaforex.com |
| September 1, 2021 : EUR/USD Intraday technical analysis and trading plan. Posted: 01 Sep 2021 11:59 AM PDT
Bearish persistence below the price zone of 1.2050-1.2000 allowed the current short-term downtrend to be established. Initial bearish targets were located around 1.1940 then 1.1800 which offered some bullish rejection for sometime before another bearish movement could take place towards 1.1770 and 1.1700. So, the EURUSD pair has been moving downwards within the depicted bearish channel while the price level of 1.1780 stood as a prominent demand level that prevented further bearish decline. The bullish pressure that originated around 1.1780 failed to push higher than the price level of 1.1900. That's why, another bearish pullback towards 1.1700 was being executed. Bullish signs were expected around the current price levels of 1.1700-1.1730 as it corresponded to the backside of the broken channel. A bullish reversal pattern similar to double-bottom seems to be in progress. That's why, Bullish breakout above 1.1830 (pattern neckline) was needed to enhance the bullish side of the market and enable further bullish advancement towards 1.1900 and 1.1970. Any upcoming bullish pullback towards 1.1985 should be considered for bearish rejection and a valid SELL Entry. The material has been provided by InstaForex Company - www.instaforex.com |
| September 1, 2021 : GBP/USD Intraday technical analysis and significant key-levels. Posted: 01 Sep 2021 11:56 AM PDT
Since March, the GBPUSD pair has been moving sideways within a wide consolidation range extending between 1.3670 up to 1.4250 which acted as a prominent SUPPLY that prevented further bullish advancement. On the other hand , the GBPUSD pair has been contained above the demand level of (1.3660) a few times while Bearish breakout below 1.3600 was needed to enhance further bearish decline. Recently, Failure to maintain bearish pressure below 1.3670 (100% Fibonacci Level) has enhanced another bullish movement for retesting of the price level of 1.3880. Further bullish advancement was to be expected towards 1.4025. On the other hand, the nearest SUPPLY level is located around 1.4025 where bearish rejection and a valid SELL Entry should be anticipated. That's why, the pair remained trapped between the mentioned key-levels (1.3800 and 1.4025) until recent bearish breakout occurred earlier last week. Bearish breakout below 1.3800 enabled more bearish decline towards 1.3600 while the price level of 1.3520 was expected to be reached if sufficient bearish pressure was maintained. Unfortunately, this seemed to be a bearish trap. The recent bullish rejection witnessed around 1.3600 as well as the upcoming bullish breakout above 1.3800 will indicate another bullish movement to pursue at least towards 1.3880 and 1.4100. The material has been provided by InstaForex Company - www.instaforex.com |
| September 1, 2021 : A High probability SELL-Trade on Ethereum to be watched. Posted: 01 Sep 2021 11:55 AM PDT
Ethereum/USD has established an extensive bullish movement since July 19. Since then, Crypto market has been quite bullish on Ethereum with new DAIlY highs being hit every now and then. Around the price level of 3333, a new high for Ethereum was established. Since then, a sideway consolidative movement has been expressed below 3333 down to 2950. In the meanwhile, an ascending bullish channel has been expressed. For three successive trials, Ethereum has failed to push below the lower limit of the depicted channel. This indicates lack of bearish persistence rendering the short-term outlook as bullish. On the other hand, Ethereum has invaded the price level of 3333 which got breached to the upside with significant bullish price action. That's why, this bullish movement was expected to pursue towards the price level of 3600 which needed to be visited before further trading decisions could be taken. Around the current price levels, Ethereum looks quite overbought while testing the upper limit of the depicted bullish channel. Hence, counter-trend traders may be looking for signs of bearish rejection for a possible downside pullback towards 3333. Trading Plan: Currently, the current price level of 3625-3700 stands as a prominent supply zone to offer bearish pressure on Ethereum. Any signs of bearish rejection should be considered as a valid SELL Signal. T/p level to be projected towards 3333 On the other hand, the price level of 3333 stands as a prominent support level to be watched for bullish trades if any bearish pullback occurs. Initial T/p levels to be located around 3500 and 3625. The material has been provided by InstaForex Company - www.instaforex.com |
| Ethereum aims at 3,800 psychological level Posted: 01 Sep 2021 10:24 AM PDT Ethereum registered a strong rally in the short term and now it stands higher at the 3,717.99 level. The crypto jumped above strong upside obstacles showing strong bullish pressure. Technically, we cannot exclude a temporary decline in the short term after the current rally. ETH/USD is up by 9.71% in the last 24H and by 15.52% in the last 7 days. The cryptocurrency signaled that the upside scenario is still valid during its temporary consolidation. As you already know, the price of Bitcoin has increased as well, this is a leading indicator. ETH/USD Amazing Bullish Fly
Ethereum has advanced to as much as 3,791.28 today. It has passed above the R3 (3,731.38) and beyond the 150% Fibonacci line of the ascending pitchfork. Unfortunately, it has failed to stay around today's high. The 78.6% retracement level and the 3,800 psychological level are seen as upside obstacles as well. Right now it is too risky to go long on ETH/USD. Maybe it is better to wait for a temporary decline before looking for fresh long opportunities. OutlookMaking a valid breakout above 3,800 and through the 78.6% level indicates further growth without a temporary retreat. Coming back to retest the ascending pitchfork's upper median line (UML) could bring great buying opportunities in Ethereum. Personally, I believe that the bias remains bullish as long as it stays above the UML. The material has been provided by InstaForex Company - www.instaforex.com |
| AUD/USD trades in uptrend mode Posted: 01 Sep 2021 10:22 AM PDT
AUD/USD resumes its upward movement after jumping above the downtrend line. I have told you in my previous analysis that the pair could develop an upside reversal if it jumps and stabilizes above the downtrend line. It has decreased within a down channel pattern, escaping from this formation which signaled that AUD/USD could develop important growth. It could increase as long as it stays above the uptrend line. Trading ConclusionAUD/USD has managed to stay above the downtrend line and above the 0.7305 level signaling further growth. The 0.7450 and 0.7500 are seen as near-term upside targets as long as the pair stays above the immediate uptrend line. The material has been provided by InstaForex Company - www.instaforex.com |
| Wave analysis of EUR/USD for September 1. ADP report sparks new US dollar sales Posted: 01 Sep 2021 10:10 AM PDT
The wave counting of the 4-hour chart for the Euro/Dollar instrument remains unchanged as before. The instrument still passes no more than 50 points per day and moves in almost only one direction. Over the past nine days, the instrument has already gained about 200 basis points, which gives very good reasons to assume the completion of the construction of a downward trend section. Its internal wave counting looks quite convincing. The wave counting of the assumed wave e also looks very convincing. Thus, in my opinion, the construction of a new upward section of the trend has begun, which may also turn out to be corrective. So far, we are talking about building a three-wave section of the trend. If this assumption is correct, then the first wave may turn out to be very long (it can be compared with the descending waves of the previous downward section). And the final target will lie near the maximum of the previous upward section of the trend, that is, around the mark of 1.2266. I am not considering the option with the complication of the downward set of waves yet. The news background for the Euro/Dollar instrument was already quite strong on Wednesday. Reports on unemployment and business activity in the manufacturing sector were released in the European Union. It turned out that the unemployment rate fell by 0.2% and amounted to 7.6% in July. Business activity in the manufacturing sector decreased by only 0.1 points and amounted to 61.5 in August. Thus, the reports from Europe cannot be called weak. The demand for the European currency remained low but stable. Also, the ADP report on the change in the number of people employed in the US economy was released. It was this report that had the greatest impact on the mood of the markets. It turned out that the number of workers in the private sector increased by 374K in August, although the markets expected an increase of 640K. Thus, the US currency did not receive support from this report, and the ISM manufacturing index did not attract the proper attention of the markets, since it practically did not differ from the value of last month. Thus, the markets paid the most attention to the labor market in the United States. And as we can see, its weakness in August caused a decrease in demand for the US currency. Thus, I expect a strong reaction from the markets to the Nonfarm Payrolls report this Friday, which is considered an even more important report than ADP. The US labor market is now of interest to everyone, since the Fed's determination to curtail the economic stimulus program directly depends on its state. Thus, the weaker the labor market recovery, the longer the Fed will not announce the end of QE, the less reason the markets have to buy the dollar. Based on the analysis, I conclude that the construction of the downward section could have ended around the level of 1.1704, which is equal to 100.0% according to Fibonacci. So now I'm still waiting for the construction of an upward set of waves. There are no signs of resuming and complicating the construction of a downward trend section right now, so I recommend buying the instrument with targets located near the 1.1917 mark, which corresponds to 61.8% Fibonacci, for each MACD signal "up".
The wave counting of the higher scale looks quite convincing. We see three three-wave sections of the trend, which are approximately the same in size. However, the last section of the trend quite unexpectedly took a more complex form, but it still ended (presumably) in the same place as the previous three-wave section. The material has been provided by InstaForex Company - www.instaforex.com |
| Bitcoin: Forecast is working, everything is going according to plan. Keep track of the levels Posted: 01 Sep 2021 09:53 AM PDT Bitcoin is still working out the forecast, consolidating in the range between the lows of August 26 and the highs of August 23 ($46,000-$50,000 per coin). But everything is going slowly, although the arguments and assumptions about the further dynamics are still relevant. But, despite the fact that there is no active movement, there is news. They are not enough to cause volatility, but all these are coins in a piggy bank, which confirm the ever deeper integration of cryptocurrencies into life. So, today it became known that Twitter is planning the final integration with cryptocurrency in order to simplify payments in bitcoins. According to The Block, Twitter appears to be testing the inclusion of bitcoin on the Lightning Network for tip payments. Mobile developer Alessandro Paluzzi, who recently posted an image of the current beta version of Twitter, has reinstated the inclusion of major cryptocurrency coins on Twitter's tip service. The upcoming BTC distribution service in Twitter is currently in testing mode. Market assumptions about the tip function based on reports mentioned using the Lightning Network to make small payments in bitcoins. In addition, this integration, in turn, employs both custodial and non-custodial wallets. To facilitate the creation of the invoice, the "Bitcoin Lightning App Strike" will be used. If Twitter users want to use the BTC giveaway service, they will also need to create a Strike account. Jack Dorsey, a bitcoin fanatic, talked about his plans to integrate the key cryptocurrency on Twitter back in July. Then the head of the company said that BTC will be included in the future strategies of the platform for innovative technologies. During Twitter's second quarter earnings conference call, CEO Jack Dorsey stated that bitcoin will be "a big part" of the company's future. Additionally, Twitter can incorporate bitcoin into other services such as Super Follows, Commerce, and Subscriptions. Here's what Dorsey said in July: "If the Internet has its own global currency, we will be able to move much faster with products such as Super Follows, Commerce, Subscriptions, Tip Jar, thanks to which we will be able to reach every person on the planet. I think this is a big part of our future. There are many innovations beyond currency, especially when we think about more decentralization of social media and more economic incentive. Therefore, I think it is extremely important for Twitter and for Twitter shareholders that we continue to explore the space and actively invest in it. "
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| EUR/USD extends its growth as expected Posted: 01 Sep 2021 09:47 AM PDT EUR/USD rallies as the US Dollar Index drops like a rock. We have a strong negative correlation between these two assets. As you already know from my analysis, EUR/USD maintains a bullish outlook in the short term. It is located at the 1.1848 level and is now fighting hard to stabilize above broken dynamic resistance. The US dollar has taken a hit from the ADP Non-Farm Employment Change which has increased from 326K to only 374K coming far below the 640K estimate. Also, the Final Manufacturing PMI dropped from 61.2 to 61.1 points while the ISM Manufacturing Prices indicator was reported at 79.4 points below the expected 84.1 . The ISM Manufacturing PMI has come in better than expected at 59.9 compared to 58.5 forecasts, but it has failed to save the greenback from the downside. EUR/USD Upside Breakout
EUR/USD rallied and now it stands above the 1.1845 former high and beyond the upper median line (UML) of a major descending pitchfork. It has failed to stabilize under the ascending pitchfork's median line (ml) signaling strong bulls. Technically, confirmation of its current breakout through UML may signal further upward movement. Personally, I would like the price to drop a little to test and retest the broken upper median line and the weekly R1 (1.1835) before jumping higher. ForecastThe pair is strongly bullish, so it could approach and reach the R2 (1.1874) soon. The ascending pitchfork's upper median line (uml) is seen as an important target as well. A minor consolidation here or a broken levels' retest could bring fresh buying opportunities. The material has been provided by InstaForex Company - www.instaforex.com |
| GBP/USD breakout brings continuation Posted: 01 Sep 2021 09:44 AM PDT GBP/USD continues to stay near a dynamic resistance signaling an upside breakout. DXY's sell-off helped the pair to rebound and recover after its retreat. In the short term, the bias is still bullish, so we could search for new long opportunities. The pound was lifted by the UK Final Manufacturing PMI which has increased from 60.1 to 60.3 points, even though specialists have expected the indicator to remain steady at 60.1 points. The GBP/USD pair has rallied after the US ADP Non-Farm Employment Change was released. As you already know, the indicator was reported at 374K below the 640K estimate which is bad for USD. GBP/USD Imminent Breakout
GBP/USD failed to retest the ascending pitchfork's lower median line (LML) signaling strong buyers. Now it challenges the downtrend line again. A valid breakout through this dynamic resistance could indicate an upside continuation. The pair is located in a strong resistance zone, the 50% Fibonacci retracement level is seen as a strong upside obstacle. GBP/USD needs a bullish spark to be able to resume its upward movement. Personally, I will wait for a valid breakout above the downtrend line and for a new higher high before I'll consider going long. ForecastJumping, closing, and stabilizing above the 1.3823 level could validate an upside movement. I believe that only a valid breakdown through the lower median line (LML) could invalidate the upside scenario. Taking out the downtrend line indicates potential growth towards the ascending pitchfork's median line (ML). The material has been provided by InstaForex Company - www.instaforex.com |
| 230K Onecoin bitcoins discovered in Seychelles. Ether breaks through $3,600 Posted: 01 Sep 2021 09:30 AM PDT In the world of cryptocurrencies, things are quite good: bitcoin is confidently standing above the 200-day moving average, which adds confidence to investors, and ether has completely got close to another large mark of $3,600 and, apparently, is not going to give up momentum. From the news, I would like to draw attention to a new financial investigation that was initiated by the Financial Crime Investigation Unit (FCIU) of the Seychelles Police in relation to a number of transactions related to the transfer of 230,000 bitcoins. According to reports, it is quite possible that these transfers are connected with the Onecoin pyramid, whose creators are accused of fraud. In addition to the investigation into the Onecoin Loot in Dubai and the transfer of crypto assets, it is expected that transactions with money and property worth $10 billion will be studied. The request from the FCIU to conduct an investigation followed the recent discovery of $500 million worth of funds in Onecoin's bank accounts in Dubai.
According to Tania Potter, head of the FCIU legal department, the division received quite a lot of documents as part of the complaints. Some of which must go through a verification process to determine any transaction connections in the Seychelles. Upon completion of this procedure, a number of next steps will be taken, which will be announced later. "We see that the deceived people have invested in the platform, as well as in an international commercial company. We have a registered agent in the Seychelles, but it is difficult to prove transactions, as well as the fact that a crime was committed," she said in an interview. One of the good news is FTX's announcement that it is acquiring exchange Ledgerx – a company working with cryptocurrency derivatives. Ledgerx is a popular and regulated cryptocurrency derivatives platform in the United States, which has held more than 10 million crypto options and swap contracts since 2017. In addition, Ledgerx claims that the derivatives platform was a pioneer in the development of bitcoin mini-contracts that allow less affluent market participants to trade. The financial terms of the transaction were not disclosed, and at the moment the acquisition transaction is under consideration by the regulator and is expected to be completed after the usual closing conditions are met. "This acquisition marks an important milestone for our fast-growing U.S. business and is a key part of our strategy," said Brett Harrison, president of FTX US. The statement also says that now that the two companies are merged, the FTX cryptocurrency exchange can meet the needs of "both retail and institutional traders." Moreover, FTX is committed to building a strong relationship with US regulators, emphasizing that it will work closely with the CFTC. As for the technical picture of bitcoin, it has not changed much over the past day. Its return to the $45,900 area will play a key role in the further short-term direction of the trading instrument. There is a 200-day moving average that has a big impact on institutional investors. A breakout of this range will push BTC to a minimum of $42,500, and there it is a stone's throw to $37,300. It will be possible to talk about a new upward wave of bitcoin after a real breakout of the resistance of $50,400 with the subsequent renewal of $54,400 and $58,000.
Meanwhile, ETH has come close to the $3,600 mark and is preparing to storm it. Only such a scenario will send ETH to the highs of $3,890 and $4,120. It will be possible to talk about the formation of pressure on the ether only after overcoming the intermediate support of $3,330. Its breakdown will bring down the trading instrument to the lows of $3,040 and $2,700. The material has been provided by InstaForex Company - www.instaforex.com |
| Trading Signal for Bitcoin, BTC, for September 01 - 02, 2021: Key level 48,203 (SMA 21) Posted: 01 Sep 2021 08:30 AM PDT
According to a daily chart, Bitcoin BTC / USD is trading right at the level of the SMA of 21. We can see that it has broken the technical pattern of symmetrical triangles. Now it is located below this technical figure. The outlook may be bearish if it trades below 48,203. However, the main cryptocurrency is under strong buying pressure at near the 46,000 level. Since August 18, the price of Bitcoin has been consolidating below the psychological level of 50,000 and bouncing above 46,250, as buyers pause before resuming the next rally. Despite the overall optimistic outlook, investors remain cautious as this consolidation may also be a negative sign for BTC. If it remains below the 21 SMA, it could fall to the level of 43,750 where the 6/8 of murray is located. BTC bulls remain hopeful as long as the key support of the 200 EMA located at 40,620 is defended. There is an opportunity for BTC to continue its bullish rally, so in the medium term it could reach the 56,250 level +2/8 of murray. The downside pressure will intensify following a sustained break below the 200 EMA. This move will open the doors for a sell-off towards the 2/8 murray support located at 31,250. The eagle indicator that measures the strength and volume of the market in daily charts has reached the level of 95, which could be a sign that in the short term there could be a bearish movement of BTC. The bulls can see this retracement as a good chance to buy around the 40,000 psychological level. Support and Resistance Levels for September 01 - 02, 2021 Resistance (3) 49,218 Resistance (2) 48,046 Resistance (1) 47,656 ---------------------------- Support (1) 46,875 Support (2) 46,484 Support (3) 43,750 *********************************************************** Trading tip for BTC for September 01- 02, 2021 Sell below 48,203 SMA 21 with take profit at 43,750 and 40,625 (EMA 200), stop loss above 49,000. The material has been provided by InstaForex Company - www.instaforex.com |
| Posted: 01 Sep 2021 07:56 AM PDT
According to a daily chart, Crude Oil #CL is trading below the strong resistance of 68.75 within an uptrend channel. The break of this channel below 68.70 could trigger a fall to support of 67.19, the level of 21SMA. Crude oil remains below the psychological level of 70.00, consolidating below 68.75 in response to the headlines about OPEC +. Now energy investors are anticipating the outcome of the meeting that will take place today at 15.00 -5GTM. Before this meeting to decide on oil production policy, OPEC and its allies (OPEC +) made upward revisions to their forecast for oil demand for 2022 to 4.2 million barrels per day (bpd), versus the previous forecast of 3.28 million bpd. No doubt, volatility could increase in the next few hours for the WTI or #CL. As long as the price remains below the 4/8 murray line, there could be a technical correction towards the 67.19 support. If crude makes a technical rebound off this level, it will be a good opportunity to buy. Conversely, a consolidation above 68.75 could push the price up to the psychological level of 70.00, so oil could hit the 5/8 murray line at 70.31. Therefore, if crude trades above this level, we can buy. Our outlook is bearish for crude, given that this last daily candle that is still in progress has left a wick above 68.75. At the time of writing this article, oil is trading below the 4/8 line, supported by the bearish signal of the eagle indicator. The technical reading of the eagle indicator in daily charts is showing a bullish signal. Nevertheless, it is likely that there will be a correction for a new bullish wave. Hence, a key point to buy crude again will be the level of 67.19. Below this level, we must avoid buying. Support and Resistance Levels for September 01 - 02, 2021 Resistance (3) 70,31 Resistance (2) 69,53 Resistance (1) 69,14 ---------------------------- Support (1) 67,99 Support (2) 67,58 Support (3) 67,19 *********************************************************** Trading tip for CRUDE OIL for September 01- 02, 2021 Sell below 68,75, with take profit at 67,99 and 67,19 (3/8), stop loss above 69,20. Buy in case of a bounce around 67,19 with take profit at 67,70 and 68,75 (4/8), stop loss below 66,80. The material has been provided by InstaForex Company - www.instaforex.com |
| USDCHF formed a triangle pattern. Posted: 01 Sep 2021 07:30 AM PDT USDCHF is trading at 0.9151 right now. Price is mostly moving sideways over the last three months after the top in June around 0.9273. Price has formed a triangle pattern with lower highs and higher lows over this period since June. Traders could be patient and wait for a break out or trade in favor of the triangle boundaries.
USDCHF upper triangle boundary resistance is at 0.92 while the lower boundary support is at 0.91. Aggressive traders would go long near the lower boundary and short near the upper boundary. Less aggressive traders would prefer to trade this pair only when a confirmed break out occurs. My most probable outcome would be for price to break to the upside and reach 0.95. The material has been provided by InstaForex Company - www.instaforex.com |
| XRPUSD bulls try to break resistance Posted: 01 Sep 2021 07:21 AM PDT XRPUSD is trading around $1.20. Price is challenging important short-term resistance levels. Over the next 24hours if price does not break above the $1.20-$1.25 area, we should expect one more decline towards $1 or even lower.
Black line- trend line support Green line- resistance Blue lines - Fibonacci retracements XRPUSD is still in a consolidation phase and a sideways movement after the rise from $0.50 to $1,34. Support remains key at $1.05-$1. Breaking below this level will open the way for a move towards $0.81. For now the chances of this happening are few. The primary scenario is bullish as long as price is above $1.09. Recapturing $1.20-$1.25 will be key for the trend for the coming weeks. If this resistance is broken, we should expect price to break above $1.35 and most probably reach the 2021 highs of $1.97. The material has been provided by InstaForex Company - www.instaforex.com |
| Trading Signal for GOLD for September 01 - 02, 2021: Sell Below $ 1,820 (downtrend channel) Posted: 01 Sep 2021 07:19 AM PDT
On the daily chart of gold, we can see that gold is trading below a downtrend channel that is projected from the maximum of June 1, when it reached 1,916. Now the asset is projected to close at the current level of 1,820. This channel is exerting downward pressure on gold. The downtrend channel has been tested by gold on August 30. Now gold is trading below this channel. A new attempt to break this channel could occur, so the price should consolidate above 1,820. Only then we can expect a new bullish move that could push the price to 7/8 of murray at 1,843.00. On the contrary, as long as gold is below 1,820 and below the downtrend channel, there could be a fall to the key support of 1,812, that is 6/8 of a murray. Below that level, there is the EMA of 200 at 1,805. These support levels will undoubtedly be a strong barrier for gold, in case there is a bearish move. A consolidation on daily charts below the 200 EMA at 1,805, a decline to the 5/8 support is likely to follow. At the same level, the SMA of 21 is located. This area could trigger a bounce and it will be a good opportunity to buy gold. Nonfarm Payroll data will be released this Friday and gold is likely to remain within a price range between 1,820 and 1,805. Wose-than-expected nonfarm payroll report could trigger a rally in gold towards $ 1,843. Gold remains above the psychological level of 1,800, which suggests that interest in gold as a safe haven against inflation may be returning. It is likely that if it consolidates above 1,820, the metal could get rid of all obstacles. So, the price could rise until 1,875, a zone of strong resistance. If the rally continues, it can touch the level of 1,906. Investors are alert to the government employment report this Friday. Gold could revise its path after this data. Weak data could push the price to the level of 1,975. On the contrary, upbeat data could take it to the support of 1,781, the zone of support 21 SMA. Support and Resistance Levels for September 01 - 02, 2021 Resistance (3) 1,843 Resistance (2) 1,820 Resistance (1) 1,816 ---------------------------- Support (1) 1,805 Support (2) 1,795 Support (3) 1,781 *********************************************************** Trading tip for GOLD for September 01- 02, 2021 Buy above 1,820, with take profit at 1,833 and 1,843 (7/8), stop loss below 1,812. Sell below 1,820, with take profit at 1,812 and 1,805 (EMA 200), stop loss above 1,827. The material has been provided by InstaForex Company - www.instaforex.com |
| Wave analysis of EUR/USD for September 1 Posted: 01 Sep 2021 06:53 AM PDT Today, we will consider the situation on two timeframes: four-hour and one-hour. EUR/USD, H4 :
The internal structure of corrective wave 4 is presented on the four-hour timeframe of the EUR/USD currency pair. It has a horizontal shape and is the wave plane [A]-[B]-[C]. It seems that the construction of this figure has completely come to an end, and now we see an upward movement of the market. Most likely, the formation of a bullish wave has begun, which can take the form of an impulse. Let's take a closer look at the last section of the graph. EUR/USD, H1:
On the hourly timeframe, we see that a new upward trend is acquiring an impulse form. Sub-waves (1) and (2), impulse and zigzag, as well as sub-waves 1 and 2, which is the beginning of impulse (3), have been completed. Most likely, the price will soon creep up in a more powerful sub-wave 3. Its final is expected in the area of the previous maximum - 1.1909. Then, a slight correction is expected in wave 4, after which the rally will resume in wave 5, as shown in the chart. Also, at 14:00 UTC today, two important news will be released, which may affect the acceleration of price growth. The news on US crude oil inventories and the US Manufacturing PMI from ISM. Thus, in the current situation, an increase in the rate should be expected, which means that opening deals for purchases can be considered. The material has been provided by InstaForex Company - www.instaforex.com |
| Bulls remain in control of the trend in EURUSD. Posted: 01 Sep 2021 06:49 AM PDT Despite the bearish candlestick pattern in the Daily chart yesterday in EURUSD, price has held above the short-term support of 1.1775-1.1785 that we noted in our previous analysis. Today price is breaking to new highs above 1.1845.
Blue lines- Fibonacci retracements EURUSD's daily candlestick is taking back what was lost yesterday. Price remains above the support of 1.1775-85 and is making a new higher high. Price is making higher highs and higher lows in the 4 hour time frame. As long as this is the case we remain in a bullish trend approaching our target of 1.19. The material has been provided by InstaForex Company - www.instaforex.com |
| Ichimoku cloud indicator analysis of Gold for September 1, 2021. Posted: 01 Sep 2021 06:45 AM PDT Gold price is trading at $1,817. Short-term trend is bullish as price is trading above the Ichimoku cloud in the 4 hour chart. Price continues to respect cloud support and the tenkan-sen. Gold price in the Daily chart remains inside the Kumo. Bulls want to see price break above the cloud in order for price to push higher towards the bull flag target of $1,855-60.
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| Gold ended August with minimal gains and other metals ended with huge gains Posted: 01 Sep 2021 06:33 AM PDT
Gold closed the second month on the rise after June, when gold quotations declined over 7%. However, the asset is below its last year's August records. According to the last summer month results, the yellow metal showed a slight positive trend. The cost of bullions increased by less than $1 compared to July. By the end of August gold was trading at $1,818.10. Yesterday it gained $5.90, or 0.3%, while on Monday it lost 0.4% as the dollar struggled to consolidate from a 2-week low. On Tuesday, the asset gained support by weak US economic data. They showed US consumer confidence fell to a six-month low of 113.8 last month, while the revised reading was 125.1 in July. The Chicago Business Activity Index dropped again in August. The index decreased from 73.4 in July to 66.8, its lowest level in two months. Analysts attribute these bad results to the rise of COVID-19 cases worldwide. Concerns about active spread of new coronavirus variants with a fairly high level of immunity to vaccines are exerting intense pressure on many countries' economies, including the US one. The dollar index fell as a reaction to negative statistics. In yesterday's trading the US currency lost 0.03% against its rivals and dropped to 92.403. Notably, the dollar followed a downward trend last Friday after Jerome Powell's speech at Jackson Hole Economic Policy Symposium. The US Federal Reserve System head did not set the exact date for the start of bond purchases tampering, which investors interpreted as a "dovish" signal. At the same time, markets expect more details from the US regulator on the future of its monetary policy. There is an opinion that the Fed may announce the beginning of its asset purchase tapering as early as in September and will launch the process in October. However, later dates with a shift of 1 month are also likely. Jim Wyckoff, analyst at Kitco expressed his opinion that in case the dollar followed a down trend in the near future, it would give support to gold quotations, as well as the stock market instability. He added that September and October are historically turbulent months for the market. At this stage, a slowdown in the US economic recovery as a result of the delta variant of Covid-19 spread may hamper the greenback rise. For this reason, investors now focus their attention on Friday's US jobs report. If the data prove to be weaker than expected, the greenback will definitely fall. Otherwise, there will be speculations about the urge to begin asset purchase tapering and interest rates reduction. It may result in the dollar's rise. In this case, gold will likely be a rank outsider. On Wednesday, the yellow metal is weak, anticipating the US Labor Department report. The asset value is changing little amid uncertainty about the US economic recovery and the Fed's future course. In the morning, gold bars were trading at $1,816.8. They fell by $1.3, or 0.07% from the previous close.
Meanwhile, silver dropped a little more, 0.44% to $23.9, whereas the previous session quotes ended little changed. As for monthly results, unlike gold, August turned out to be unfortunate for silver and other popular metals. Thus, the grey asset lost 6%. Copper fell by 2.4%, which was the worst monthly performance since the beginning of the year. Platinum was down by 3.3% and palladium by 7%, which was also the metal's worst monthly result since January. The material has been provided by InstaForex Company - www.instaforex.com |
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