Analysis for August 29th, 2014

DJIA Index

It looks like Index continues forming an ascending impulse wave (A). Possibly, bulls may reach a new high during Friday. However, they are quite unlikely to be strong enough to continue, and the price may start a new correction the next week.

Daily Insight


Crude Oil

In case of Oil, the current correction is becoming deeper; probably, the price is about to finish the fourth wave. In the future, the market may test the channel’s upper border, and if the price rebounds from it, Oil will start a new descending movement inside the fifth wave. I’m staying out of the market right now and planning to start selling after the price forming first initial bearish impulses.

Crude Oil

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EUR/USD regains traction, recovers above 1.0700

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EUR/USD News

GBP/USD returns to 1.2500 area in volatile session

GBP/USD returns to 1.2500 area in volatile session

GBP/USD reversed its direction and recovered to 1.2500 after falling to the 1.2450 area earlier in the day. Although markets remain risk-averse, the US Dollar struggles to find demand following the disappointing GDP data.

GBP/USD News

Gold climbs above $2,340 following earlier drop

Gold climbs above $2,340 following earlier drop

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.

Gold News

XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger

XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger

Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP. 

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After the US close, it’s the Tokyo CPI

After the US close, it’s the Tokyo CPI

After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.

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