Analysis for September 1st, 2014
EUR USD, “Euro vs US Dollar”
Since Euro rebounded from the -1/8 level, there is a possibility that the price may start a local correction towards the 0/8 one. At the same time, if the market is unable to break the H4 Super Trend, this correction may not be too deep. The main target for the next several days is at the -2/8 level.
As we can see at the H1 chart, the current correction started from the 2/8 level, which means that later the market may start falling again. Possibly, the price may be supported by Super Trends and the 3/8 level: I’m planning to increase my short position when the pair rebounds from them.
XAG USD, “Silver vs US Dollar”
In the end of the last week, Silver rebounded from the daily Super Trend fast. The price broke the 0/8 level and is trying to stay inside “oversold zone”. In the near term, the market is expected to continue falling towards the -2/8 level and break it.
As we can see at the H1 chart, the market is being corrected in the middle. If later the price is able to break the 3/8 level and stay below it, the market will continue falling towards the 0/8 one or even lower.
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Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.