[FOREX TIP] Gold Price Action Analysis – 5th Sept 2018

Gold has been within a range on the H4 chart. However, the price has been Bearish and kept making lower lows. There are some strong levels of Support to be broken to head towards the South. As things stand with Gold it seems that we might get an H4 breakout towards the downside. Only a breakout is not enough though. The breakout level also has to be held by the next H4 candle and to produce an H1 Bearish Engulfing Candle to offer us a short entry. It means we are anticipating an ABC pattern here. Let us have a look at the H4 Gold chart….

Gold Price Action Analysis – 5th Sept 2018

Today’s first H4 candle came out as a Bullish candle and the next one came out as a Doji candle. If the current candle comes out as a Bearish candle and makes a breakout at the level of 1188.95, and the next H4 candle is held by the breakout level, then an H1 Bearish Engulfing candle right from the breakout level would be the signal to take the short entry. Let us have a look at the summary of the trade…

• Sell Stop Order: 1188.95
• Stop Loss: 1194.40
• Take Profit: 1173.60
• Validity: 72 hours
• Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable

Most of the pairs have been within a range. The pair that had a strong trend, they have been on consolidation. It happens when pairs are to take big move ahead. I assume this NFP would have some strong impact in the market for some weeks at least.

 

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CryptoCurrency News: EU Lawmakers Weigh 'Standard' for ICOs Under Crowdfunding Rules

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[FOREX TIP] XAUUSD Bullish BAT Harmonic Pattern – 5th Sept 2018

XAUUSD Bullish BAT Harmonic Pattern – 5th Sept 2018

We have a Completed Bullish BAT Harmonic Pattern in XAUUSD today.
This is on a H4 time frame.
Enter into a buy position at D or the price of 1193.00 (or as close as possible to it).
We target to exit at 1199.00.
Good luck with the trade.

• Buy Price: 1193.00 (or as close to it as possible)
• Stop Loss: 1180.00
• Take Profit Target: 1199.00

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[FOREX TIP] AUDUSD Monthly Forex Forecast for Sept 2018

AUDUSD Monthly Forex Forecast for Sept 2018

The Aussie continues to trade below the downward trendline that connects the lower highs starting from January’s high. Only a break above this important trendline can suggest a shift in the trend direction or at least can signal a correction. On the upside, the first area of interest is the resistance level 0.7345, but the most important level is the big psychological number 0.7500.

The stochastic indicator doesn’t show any extreme reading, so no major reversal should be expected. On the downside we can note the swing low established at 0.7200. A break below this level can open the downside more and the downtrend can resume. The RBA is not expected to change its current monetary policy anytime soon. The risks for the Aussie can come from the trade war between the US and China. But for now, our expectation is for a more technical driven market.

Previous AUDUSD Monthly and Weekly Forex Forecast

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[FOREX TIP] USDCAD Monthly Forex Forecast for Sept 2018

USDCAD Monthly Forex Forecast for Sept 2018

USDCAD has been trading in a very narrow trading range the whole month of August and as long as we trade above the big psychological number 1.3000 the bulls remain in control. However, we can’t rule out a short-lived sell off all the way down until we retest the support level 1.2920 from where we should expect the bulls to show up again. Only a daily break and close below 1.2920 will signal that a significant swing high was put in place at the level 1.3380. On the upside the first level of interest comes at pivot point 1.3125 followed by 1.3380 which can open up the door for a retest of the big round number 1.3500 if we managed to get a daily close above it.

The stochastic indicator is coming close to reach oversold readings so a bounce might be in the short horizon. The Canadian economic calendar will bring an interesting BOC monetary policy meeting in September. The recent strong economic data support a rate hike in September. NAFTA deal is also supportive for the Canadian dollar but we still need confirmation from the technical pattern.

Previous USDJPY Monthly and Weekly Forex Forecast

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[FOREX TIP] GBPUSD Monthly Forex Forecast for Sept 2018

GBPUSD Monthly Forex Forecast for Sept 2018

The GBPUSD has continued to bleed all the way through the summer trading months. The broad based dollar strength coupled with the BREXIT theme has put pressure on the British Pound. Now, as long as we trade below the big psychological number we should expect the bears to continue to dominate this market. August’s swing low 1.2662 is the key level the bulls need to defend if they want to have a chance to keep the GBP/USD exchange higher. The stochastic indicator is in overbought territory and it’s signaling that the current bounce may take a breath.

On the upside, the most significant levels are 1.3000 followed by resistance level 1.3300. However, we need a strong daily close above1.3000 in order to be able to see 1.3300. The BREXIT theme will be on the agenda of the EU leaders when they meet in September 20. The BOE hiked interest rates, in August, for the second time since the financial crisis, so there is little evidence that they will surprise the market with another rate hike at their September meeting. The market consensus is for the monetary policy to remain unchanged.

Previous GBPUSD Monthly and Weekly Forex Forecast

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[FOREX TIP] USDCHF Monthly Forex Forecast for Sept 2018

USDCHF Monthly Forex Forecast for Sept 2018

Technical Outlook: The USDCHF currency pair closed August with a bearish note. The declines come following July’s doji pattern on the monthly chart. The indecision comes within the price range of 1.0028 and 0.9803 levels. The downside breakout could potentially indicate further weakness in the currency pair. The USDCHF is likely to target the 0.9469 – 0.9432 level over the coming months. The decline to the support level marks a retest of the support level..

Fundamental Outlook: The month ahead is expected to remain mostly quiet as far as data from Switzerland is concerned. Early in September the quarterly GDP figures will be coming out and this is later followed up by the quarterly SNB meeting. No changes are expected to the 3-month Swiss LIBOR rate. Data from the U.S. will be another factor to watch with the FOMC set to hike interest rates this month. For the most part, investors will be looking to the data for August to assess how the U.S. economy performed in the third quarter of the year.

Previous USDCHF Monthly and Weekly Forex Forecast

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[FOREX TIP] USDJPY Monthly Forex Forecast for Sept 2018

USDJPY Monthly Forex Forecast for Sept 2018

Technical Outlook: The USDJPY currency closed August on a bearish note. The bearish close came following the previous two month’s rally which sent the currency pair to a high of 113.17. Most of the price action was largely confined to the 111.49 and 110.08 levels. Last week’s rally back to this region was met with declines. This potentially indicates that the USDJPY currency could potentially be looking to post further declines in the near term. The falling trend line marked in red is something to watch out for. The trend line previously held the declines but another retest of this level cannot be ruled out. With the USDJPY breaking past the rising trend line and retesting the breakout level we expect the bias to remain to the downside..

Fundamental Outlook: The Bank of Japan’s monetary policy meeting due on September 19 will be the main event to watch as far as the Japanese yen is concerned. With the central bank pushing back on its inflation target at the previous meeting, the BoJ’s upcoming meetings are unlikely to bring any big changes. Besides the monetary policy meeting, the final GDP figures for the second quarter will also be released. The Japanese yen could also be susceptible to potential swings based on the market sentiment.

Previous USDJPY Monthly and Weekly Forex Forecast

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[FOREX TIP] EURUSD Monthly Forex Forecast for Sept 2018

EURUSD Monthly Forex Forecast for Sept 2018

Technical Outlook: The euro currency closed the month of August on a bearish note. Price action was seen still trading within the range following the doji candlestick patterns formed during the previous two monthly sessions. The monthly chart set up suggests that there could be a near term upside bounce in price action with the support at 1.1540 seen to be relatively strong. This has been a strong level of support that also held the declines during the previous months of October and November 2017. With the range between 1.1800 and 1.1540 now firmly in place, the common currency is expected to remain trading within this range over the next month.

Fundamental Outlook: The month of September is expected to be relatively quiet with the exception of the ECB’s monetary policy meeting. The central bank will be cutting down on its bond purchases by half at this month’s meeting with the remaining 15 billion euro in bond purchases due to end in December. While this is information that is already priced in, the central bank will be giving new details on the economic outlook. Following an uncertain start to the year, the eurozone’s economic growth looks to have picked up steam.

Previous EURUSD Monthly and Weekly Forex Forecast

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[FOREX TIP] EURAUD Price Action Analysis – 4th Sept 2018

EURAUD has been having a strong Bullish trend on the H4 chart. The price has been heading towards the North with a good amount of buying pressure. Yesterday’s Daily candle looks to be a corrective candle. Today’s first two H4 candles came out as corrective candles as well. The price now is at a very important level, which has the potential to be a level of Support. If the level is held and it ends up producing an H4 Bullish Engulfing Candle, then an H1 breakout would lead the price to go towards the North again. Let us have a look at the H4 EURAUD chart.

EURAUD Price Action Analysis – 4th Sept 2018

The level of 1.60465 is the level, which has to be held and to produce an H4 Bullish Engulfing Candle. Afterwards, if we get an H1 breakout at the level of 1.61755, then the price would head towards the level of 1.63775 without having that many pauses. Let us have a look at the summary of the trade…

• Buy Stop order: 1.61755
• Stop Loss: 1.60465
• Take Profit: 1.63775
• Validity: 72 hours
• Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable

Yesterday’s “Labor Day” in the US made almost all the pairs be sluggish. H4 traders might have to keep their patience bit more until this Friday. It seems that the market has been waiting for Friday’s NFP. Nevertheless, as far as technical analysis is concerned when there is a breakout, there is an opportunity to take an entry. Thus, after choosing some good trending pairs, we should keep our eyes on the pairs to have the breakout.

 

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CryptoCurrency News: Crypto Wallet Abra Opens Door to More European Users

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