Analysis for September 22nd, 2014
EUR USD, “Euro vs US Dollar”
Eurodollar has reached the lower border of “oversold zone”; earlier the price rebounded from the H4 Super Trend and broke the minimum. During Monday, the price may break the -2/8 level. In this case, the lines at the cart will be redrawn.
At the H1 chart, the price is moving in the middle; bears are still supported by Super trends. If the pair is able to stay below the 3/8 level, the market will continue falling.
XAG USD, “Silver vs US Dollar”
Silver is still falling fast. Considering that the price is moving below the 3/8 level steadily, At the same time, if sellers are unable to break the 1/8 level of the first try, the possibility of a new correction will increase significantly.
The target at the H4 and H1 charts is the same, but at the H1 chart the price hasn’t been able to break the 3/8 level downwards yet and right now is moving near it. I’ve got only one sell order so far, with the stop loss in breakeven. During a correction, I’m planning to open another sell order.
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Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
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Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
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Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.