Analysis for August 14th, 2014
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD, Time Frame H4. Tenkan-Sen and Kijun-Sen are still influenced by “Dead Cross”; all lines and D Tenkan‑Sen are directed downwards. Ichimoku Cloud is going down (2), Chinkou Lagging Span is far below the chart, and the price is below the lines. Short‑term forecast: we can expect resistance from Tenkan‑Sen – Kijun-Sen, and decline of the price.
GBPUSD, Time Frame H1. Tenkan-Sen and Kijun-Sen formed “Dead Cross” (1); Tenkan-Sen is directed downwards. Ichimoku Cloud is going down (2), and Chinkou Lagging Span is below the chart. Short‑term forecast: we can expect decline of the price and a correction towards the cloud’s lower border.
XAUUSD, “Gold vs US Dollar”
XAUUSD, Time Frame H4. Tenkan-Sen and Kijun-Sen formed “Dead Cross” (1) above Kumo, but Tenkan-Sen is directed upwards. Ichimoku Cloud is going up (2), Chinkou Lagging Span is above the chart, and the price is moving upwards inside W Kumo. Short-term forecast: we can expect growth of the price and then a correction towards support from D Senkou Span A.
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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.