Gold has posted slight gains in the Tuesday session.

Gold has posted slight gains in the Tuesday session. In North American trade, the spot price for one ounce stands at $1137.32. On the release front, CB Consumer Confidence climbed to 113.7, easily exceeding the estimate of 108.9. On Wednesday, the US releases Pending Home Sales, with the markets expecting a strong gain of 0.6%.
As 2016 wraps up, US consumer confidence indicators continue to move upwards in what analysts are describing as a post-election surge in optimism. The CB Consumer Confidence report surged in December to 113.7, its highest level since August 2001. This reading comes on the heels of UoM Consumer Sentiment, which climbed to a 12-year high, with a reading of 93.8 points. Clearly, consumers are optimistic that the economy will continue to improve under Donald Trump. Both of these well-respected surveys found that consumers are confident that continuing economic growth will create new jobs and raise incomes. Trump’s economic platform remains short on details, but he has promised to cut taxes while increasing fiscal spending.

USD/JPY has posted gains in the Asian and European sessions

•USD/JPY has posted gains in the Asian and European sessions
•113.86 has switched to a support role following gains by USD/JPY
•114.83 is the next line of resistance
•Current range: 113.86 to 114.83
Further levels in both directions:
•Below: 113.86, 112.48, 111.45 and 110.24
• Above: 114.13, 115.45 and 116.88
USD/JPY ratio is almost unchanged in the Monday session. Currently, short positions have a strong majority (58%), indicative of trader bias towards USD/JPY continuing to move lower.
USD/JPY has started the week with strong gains. Currently, the pair is trading at 114.30. On the release front, Japanese Consumer Confidence dropped to 40.3 points, missing expectations. In the US, today’s key event is ISM Non-manufacturing PMI. The index is expected to improve to 55.3 points.

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EUR/USD

Summary :
Target Level : 1.0565
Target Period : 12 hours
Analysis :
Pennant identified at 30-Nov-17:00 2016 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 1.0565 within the next 12 hours.
Supporting Indicators :
Downward sloping Moving Average
Resistance Levels :
( B ) 1.0667Last resistance turning point of Pennant.
Support Levels
( A ) 1.0565Last support turning point of Pennant.

Chart date range : 17-Nov-09:00 GMT-> 01-Dec-09:00 GMT Data interval : 4 hour RSI: 34 Candles MA: 34 Candles

GBP/USD has started the trading week with strong gains

GBP/USD has started the trading week with strong gains. In the North American session, the pair is trading at the 1.25 line. On the release front, there are no indicators out of the UK or the US. On Tuesday, the UK will release Public Sector Net Borrowing and CBI Industrial Expectations.
It’s a very quiet start to the week, so the markets will have some time to focus on the Autumn Forecast Statement, which serves as a preview to the annual UK budget. This report will be closely watched, as it will detail the government’s forecast for the economy ahead of the Brexit negotiations. Analysts are bracing for a pessimistic report which will point to lower growth, higher inflation and a ballooning deficit. Since the Brexit vote, the economy has managed quite well, consistently putting up numbers which have beaten expectations. However, if the Autumn Forecast Statement points to serious trouble ahead as Britain prepares to leave the EU, the pound could weaken.
•GBP/USD was flat in the Asian and European sessions. The pair has  posted strong gains in North American session
•1.2351 is providing strong support
•1.2479 was tested earlier in resistance and is a weak line
Further levels in both directions:
•Below: 1.2351, 1.2272 and 1.2120
•Above: 1.2479, 1.2620 and 1.2778
•Current range: 1.2351 to 1.2479
In the Monday session, GBP/USD ratio is showing long positions with a majority (58%), This is indicative of trader bias towards GBP/USD continuing to move upwards.

USD/JPY Chart

Summary :
Target Level : 110.647
Target Period : 5 hours
Analysis :
Rising Wedge identified at 21-Nov-05:45 2016 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 110.6470 within the next 5 hours.
Resistance Levels :
( B ) 111.186Last resistance turning point of Rising Wedge.
Support Levels
( A ) 110.647Last support turning point of Rising Wedge.

Chart date range : 18-Nov-03:00 GMT-> 21-Nov-06:00 GMT Data interval : 15 Minutes RSI: 34 Candles MA: 34 Candles

EUR/USD has ticked lower on Friday

EUR/USD has ticked lower on Friday, following sharp losses in the Thursday session. Currently, the pair is trading at the 1.06 line. On the release front, it’s a quiet end to the trading week, with no major releases. German PPI posted a gain of 0.7%, beating the estimate of 0.3%. In the US, the sole economic release is the CB Leading Index, with an estimate of 0.1%. The markets will be more interested in hearing from three FOMC members, who will deliver speeches during the day. This follows Janet Yellen’s testimony before the Joint Economic Committee on Thursday.
US numbers were generally positive on Thursday, as the economy continues to move in the right direction. Unemployment Claims sparkled at 235 thousand, much lower than the estimate of 257 thousand. This marked the lowest weekly claims total since 1973. CPI matched expectations at 0.4%, but Core CPI came in at 0.1% shy of the estimate of 0.2%.  The Philly Fed Manufacturing Index dropped to 7.6 points, short of the forecast. On the housing front, Housing Starts remained unchanged at 1.23 million, above expectations.
•EUR/USD posted small losses in the Asian session and has been flat in European trade. The pair broke through two support lines on Thursday, following sharp losses by EUR/USD
•1.0505 is providing support
•1.0616 is fluid and is currently a weak resistance line
Further levels in both directions:
•Below: 1.0506, 1.0414 and 1.0287
•Above: 1.0616, 1.0708, 1.0821 and 1.0957
•Current range: 1.0506 to 1.0616
EUR/USD ratio has posted gains in short positions. Currently, short positions have a majority (67%), indicative of trader bias towards EUR/USD continuing to move to lower ground.

Canadian dollar is showing limited movement on Tuesday

The Canadian dollar is showing limited movement on Tuesday, following an uneventful Monday session. In North American trade, USD/CAD is trading at 1.3530. On the release front, US Core Retail Sales and Retail Sales posted identical gains of 0.8 percent, as both indicators beat their estimates. The Empire State Manufacturing Index gained 1.5 points, beating the forecast of -1.5.  There are no Canadian indicators on Tuesday. On Wednesday, the US releases PPI, while Canada will publish Manufacturing Sales.•USD/CAD was flat in the Asian session and has recorded slight losses in European trade. The pair has posted slight gains early in the North American session
•1.3457 continues to provide strong support
•1.3551 was tested earlier in resistance and remains a weak line
Further levels in both directions:
•Below: 1.3457, 1.3371, 1.3253 and 1.3120
•Above: 1.3551, 1.3648 and 1.3782
•Current range: 1.3457 to 1.3551
USD/CAD ratio is showing little movement in the Tuesday session. Currently, short positions command a strong majority (66%), indicative of trader bias towards USD/CAD continuing to move to lower ground.

GBP/USD has posted considerable losses on Tuesday

GBP/USD has posted considerable losses on Tuesday, continuing the downward movement which marked the Monday session. In North American trade, the pair is trading at the 1.24 line. On the release front, British CPI unexpectedly dropped to 0.9%, short of the forecast of 1.1%. As well, BoE Mark Carney testified about inflation and the economy before a parliamentary committee. In the US, Retail Sales and Core Retail Sales posted identical gains of 0.8 percent, as both indicators beat their estimates. The Empire State Manufacturing Index gained 1.5 points, beating the forecast of -1.5. On Wednesday, the UK will release three key employment indicators – Average Earnings Index, Claimant Change and the unemployment rate. The US will publish PPI.
•GBP/USD was flat in the Asian session. The pair has posted considerable losses in the European and North American sessions
•1.2351 has weakened in support following losses by GBP/USD
•There is resistance at 1.2479
Further levels in both directions:
•Below: 1.2351, 1.2272 and 1.2120
•Above: 1.2479, 1.2620 and 1.2778
•Current range: 1.2351 to 1.2479
GBP/USD ratio is showing slight movement towards long positions. Currently, long positions command a majority (62%), indicative of trader bias towards GBP/USD reversing directions and moving upwards.

Canadian dollar remains under pressure on Monday

The Canadian dollar remains under pressure on Monday. In the North American session, USD/CAD is trading at the 1.3540. On the release front, it’s a very quiet start to the week, there are no Canadian or US events on the schedule.  On Tuesday, the US will release retail sales reports.•USD/CAD posted gains in the Asian session and has shown limited movement in European trade
•1.3457 is providing strong support
•1.3551 is a fluid line. Currently, it is a weak resistance line
Further levels in both directions:
•Below: 1.3457, 1.3371, 1.3253 and 1.3120
•Above: 1.3551, 1.3648 and 1.3782
•Current range: 1.3457 to 1.3551
USD/CAD ratio has shown gains in long positions. Currently, short positions command a strong majority (64%), indicative of trader bias towards USD/CAD reversing directions and moving to lower ground.

The Canadian dollar remains under pressure on Friday

The Canadian dollar remains under pressure on Friday, as USD/CAD continues to post gains this week. In the North American session, USD/CAD is trading at the 1.35 line. On the release front, there are no Canadian events on the schedule. In the US, today’s highlight is UoM Consumer Sentiment. The indicator is expected to edge lower to 87.4 points.•USD/CAD has been marked by choppy trading in the Asian session
•1.3457 is providing support
•There is resistance at 1.3551
Further levels in both directions:
•Below: 1.3457, 1.3371, 1.3253 and 1.3120
•Above: 1.3551, 1.3648 and 1.3782
•Current range: 1.3457 to 1.3551
USD/CAD ratio is unchanged in the Friday session. Currently, short positions command a strong majority (68%), indicative of trader bias towards USD/CAD reversing directions and moving to lower ground.

USD/CAD was flat in the Asian session.

•USD/CAD was flat in the Asian session. The pair has posted gains in European trade
•1.3457 remains busy. Currently, it is a weak support line
•There is resistance at 1.3551
Further levels in both directions:
•Below: 1.3457, 1.3371, 1.3253 and 1.3120
•Above: 1.3551, 1.3648 and 1.3782
•Current range: 1.3457 to 1.3551
USD/CAD ratio has shown slight movement towards long positions. Currently, short positions command a strong majority (67%), indicative of trader bias towards USD/CAD reversing directions and moving to lower ground.
USD/CAD continues to post strong gains in the Thursday session, following the upward movement seen on Wednesday. In the North American session, USD/CAD is trading at 1.3480. On the release front, Canadian NHPI posted slight gains of 0.2%, matching the forecast. In the US, unemployment claims dropped to 257 thousand, marking a 4-week low. On Friday, the US will release UoM Consumer Sentiment. The indicator is expected to edge lower to 87.4 points.

EUR/CHF chart

Summary :
Target Level : 1.073
Target Period : 2 days
Analysis :
Rectangle has broken through the support line at 09-Nov-17:00 2016 GMT. Possible bearish price movement forecast for the next 2 days towards 1.0730.
Supporting Indicators :
Downward sloping Moving Average
Resistance Levels :
( B ) 1.0832Last resistance turning point of Rectangle.
Support Levels
( A ) 1.0752Last support turning point of Rectangle.

Chart date range : 25-Oct-08:00 GMT-> 10-Nov-09:00 GMT Data interval : 4 hour RSI: 34 Candles MA: 34 Candles

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Gold has posted strong gains in the Wednesday

Gold has posted strong gains in the Wednesday session, continuing the gains which marked the Tuesday session. In North American trade, the metal is trading above the $1305.38, the first time it’s crossed above the $1300 level since October 4. On the release front, ADP Nonfarm Employment dropped to 147 thousand, well short of the estimate of 166 thousand. Later in the day, the Federal Reserve concludes its policy meeting and is expected to maintain the benchmark interest rate at 0.25 percent. On Thursday, the US releases unemployment claims and the ISM Non-manufacturing PMI.

GBP/USD

Summary :
Target Level : 1.228
Target Period : 2 days
Analysis :
Ascending Triangle identified at 02-Nov-00:00 2016 GMT. This pattern is still in the process of forming. Possible bullish price movement towards the resistance 1.2280 within the next 2 days.
Supporting Indicators :
Upward sloping Moving Average
Resistance Levels :
( B ) 1.228Last resistance turning point of Ascending Triangle.
Support Levels
( A ) 1.2215Last support turning point of Ascending Triangle.

Chart date range : 19-Oct-16:00 GMT-> 02-Nov-08:00 GMT Data interval : 4 hour RSI: 34 Candles MA: 34 Candles

Brazil's economic activity remained poor in 3Q

Brazil's economic activity remained poor in 3Q, with the industrial sector still a drag. Industrial activity in Sao Paulo, the country's largest and most-industrialized state , dropped 2.3% sequentially in 3Q, says state industrial federation FIESP. "The year will end worse for the industry than in 2015. Maybe the GDP does not fall as much as last year, but industry performance will be worse in 2016."

EUR/GBP

Summary :
Target Level : 0.9027
Target Period : 2 days
Analysis :
Channel Down identified at 24-Oct-04:00 2016 GMT. This pattern is still in the process of forming. Possible bullish price movement towards the resistance 0.9027 within the next 2 days.
Resistance Levels :
( B ) 0.9027Last resistance turning point of Channel Down.
Support Levels
( A ) 0.8881Last support turning point of Channel Down.

Chart date range : 09-Oct-20:00 GMT-> 24-Oct-08:00 GMT Data interval : 4 hour RSI: 34 Candles MA: 34 Candles

EUR/USD

Summary :
Target Level : 1.1056
Target Period : 2 days
Analysis :
Falling Wedge identified at 17-Oct-03:00 2016 GMT. This pattern is still in the process of forming. Possible bullish price movement towards the resistance 1.1056 within the next 2 days.
Supporting Indicators :
RSI below 40
Resistance Levels :
( B ) 1.1056Last resistance turning point of Falling Wedge.
Support Levels
( A ) 1.0964Last support turning point of Falling Wedge.

Chart date range : 06-Oct-04:00 GMT-> 17-Oct-06:00 GMT Data interval : 1 hour RSI: 34 Candles MA: 34 Candles

GMT Many corporate clients EUR/GBP

GMT Many corporate clients who export to the U.K. or those with production in the U.K. have so far chosen not to hedge their sterling exposure and are waiting instead to see if the pound turns higher, says an analyst at a Scandinavian bank. This is a risky strategy and could mean a scramble to hedge exposures once sterling breaks below key levels, such as below $1.20 in GBP/USD, the analyst says. "It is very risky because if sterling falls further they could fix at an even lower rate." GBP/USD trades at $1.2216, EUR/GBP at 0.9023

GBP/USD has shown limited movement

•GBP/USD has shown limited movement in the Thursday session
•1.2120 is providing support
•There is resistance at 1.2447
Further levels in both directions:
•Below: 1.2120, 1.1954 and 1.1844
•Above: 1.2447, 1.2525 and 1.2612
•Current range: 1.2120 to 1.2447
GBP/USD ratio is unchanged on Friday, consistent with the lack of movement from GBP/USD. Currently, long positions have a solid majority (60%). This is indicative of trader bias towards GBP/USD breaking out and moving to higher ground.
GBP/USD is unchanged in the Friday session, continuing the lack of activity seen on Thursday. Early in the North American session, the pair is trading at 1.2230. On the release front, the markets have plenty of US numbers to digest, as retail sales and inflation readings were strong. Retail Sales rebounded from a decline last month, posting a strong gain of 0.6%. and matching the forecast. Core Retail Sales improved to 0.3%, edging above the estimate of 0.2%. PPI climbed 0.3%, beating the estimate of 0.2%.  Later in the day, we’ll get a look at the UoM Consumer Sentiment report. The markets are expecting the indicator to climb to 92.1 points.

USD/JPY

Summary :
Target Level : 104.073
Target Period : 3 days
Analysis :
Ascending Triangle identified at 12-Oct-01:00 2016 GMT. This pattern is still in the process of forming. Possible bullish price movement towards the resistance 104.0730 within the next 3 days.
Resistance Levels :
( B ) 104.073Last resistance turning point of Ascending Triangle.
Support Levels
( A ) 103.173Last support turning point of Ascending Triangle.

Chart date range : 28-Sep-04:00 GMT-> 12-Oct-06:00 GMT Data interval : 1 hour RSI: 34 Candles MA: 34 Candles

Oil rose towards $52 a barrel on Wednesday

Oil rose towards $52 a barrel on Wednesday, hitting its highest since June, supported by an industry report that U.S. inventories probably fell for a fifth straight week and OPEC’s deal to cut supply.
The American Petroleum Institute (API) said on Tuesday that U.S. crude inventories dropped 7.6 million barrels, which would be the fifth straight weekly decline if confirmed by U.S. Energy Information Administration (EIA) data on Wednesday.
Brent crude was trading at $51.83 a barrel, up 96 cents, at 1204 GMT. The global benchmark touched $51.87 during the session, its highest since June 10. U.S. crude CLc1 was up 91 cents at $49.60.

Global oil prices steadied on Monday

Global oil prices steadied on Monday as market players weighed last week’s news of a planned OPEC production cut with doubts over its implementation and effectiveness at wiping out a crude supply overhang.
December Brent crude futures remained above $50 a barrel in European trading but by 1400 GMT were flat on the day at $50.19 a barrel, after erasing earlier slight gains. U.S. crude futures were $48.23 a barrel, a cent lower.


Europe and Asia’s largest markets, Germany and China, were both shut for public holidays on Monday, limiting trade.
The Organization of the Petroleum Exporting Countries said last week it would cut output to between 32.5 million barrels per day (bpd) and 33.0 million bpd from about 33.5 million bpd, with details to be finalised at its policy meeting in November.
Brent crude oil prices, most sensitive to any OPEC deal, have climbed more than 8 percent since the planned cuts were announced on Wednesday despite scepticism over the effectiveness of the deal in eroding the global surplus.
“Naysayers will undoubtedly fade the headline (of the output cut) and deem the agreement typical OPEC noise, yet at a minimum it means that OPEC has bought themselves a price floor for at least the next two months heading into the November meeting,” analysts at RBC Capital Markets said in a note.

GBP/USD continues to have a quiet week

GBP/USD continues to have a quiet week, as the pair trades at the 1.30 line in Thursday’s North American session. On the release front, it’s a data-heavy day. British Net Lending to Individuals improved to GBP 4.5 billion, beating the estimate of GBP 4.0 billion. In the US, Final GDP gained 1.4%, edging above the forecast of 1.3%. Unemployment Claims edged up to 254 thousand, beating the forecast of 260 thousand. Later in the day, the US releases Pending Home Sales. On Friday, the UK releases Current Account and Final GDP. The US will publish the UoM Consumer Sentiment report.
•GBP/USD posted small losses in the Asian session. The pair was choppy in European trade and has posted slight losses in the North American session
•1.2899 is providing strong support
•1.3033 is a weak resistance line. It could see further action in the North American session
Further levels in both directions:
•Below: 1.2899, 1.2778 and 1.2612
•Above: 1.3033, 1.3142, 1.3219 and 1.3327
•Current range: 1.2899 to 1.3033
GBP/USD ratio is unchanged in the Thursday session. Currently, long positions have a strong majority (72%). This is indicative of trader bias towards GBP/USD reversing directions and moving to higher ground.

Canadian dollar continues to struggle

The Canadian dollar continues to struggle, as USD/CAD remains above the 1.32 level. USD/CAD touched 1.3275 on Tuesday, as the Canadian dollar slumped to its lowest level since March. The slide started after weak Canadian consumer indicators on Friday. Core Retail Sales was the biggest disappointment, as the market forecast of +0.5% was dashed by a weak reading of -0.1%. Core CPI remained stagnant at 0.0% for a third straight month, underscoring persistent low inflation levels. The BoC has stated its concerns about weak inflation, and these soft releases will add pressure on the bank to consider reducing interest rates at its October policy meeting. The Canadian dollar is sensitive to oil price movement, and with OPEC members holding an informal meeting on Wednesday in Algiers, we could see some volatility from crude which could affect the movement of USD/CAD.

OPEC is pumping more oil than ever before

OPEC’s second largest producer has thrown its weight behind an oil output freeze.
Iraqi oil minister Jabbar Al-Luiebi said his country is willing to freeze production — or even cut it — if a consensus emerges at a meeting of major oil producers that starts Wednesday in Algiers.
“If the freeze is going to have a positive impact on prices, then we agree with the freeze,” Al-Luiebi told CNNMoney on Tuesday. “I am optimistic.”
Yet it’s not clear that a deal, long sought by some OPEC producers, is within reach. Both Iran and Saudi Arabia have said that the meeting is merely “consultative.”
The idea is that an output cap will help put a floor under prices, which have risen from $26 per barrel in February to $45 but are still down more than 50% since 2014.
Critics say any freeze would be mostly symbolic — OPEC is pumping more oil than ever before, and freezing production at extremely high levels wouldn’t really help fix an oversupplied market.
Oil prices have bounced before on hopes of a freeze, only for them to be dashed when talks collapsed.

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USD/CAD posted considerable losses in the Asian session

•USD/CAD posted considerable losses in the Asian session and is flat in European trade
• 1.3120 is a weak line
•1.3253 is a strong resistance line
Further levels in both directions:
•Below: 1.3120, 1.3028 and 1.2922
•Above: 1.3253, 1.3371 and 1.3457
•Current range: 1.3120 to 1.3253
USD/CAD ratio is unchanged in the Monday session. Currently, short positions have a strong majority (68%), indicative of trader bias towards USD/CAD continuing to lose ground.
The Canadian dollar has posted gains to start off the week, erasing the losses which marked the Friday session. Early in the North American session, USD/CAD is trading at 1.3160. On the release front, the sole US event is the NAHB Housing Market Index. There are no Canadian releases on the schedule. On Tuesday, the US will release Building Permits, a key event.

USD/JPY Chart

Summary :
Target Level : 101.7775
Target Period : 2 days
Analysis :
Triangle identified at 19-Sep-01:00 2016 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 101.7775 within the next 2 days.
Supporting Indicators :
Downward sloping Moving Average
Resistance Levels :
( B ) 102.42Last resistance turning point of Triangle.
Support Levels
( A ) 101.7775Last support turning point of Triangle.

Chart date range : 09-Sep-07:00 GMT-> 19-Sep-06:00 GMT Data interval : 1 hour RSI: 34 Candles MA: 34 Candles

EUR/USD Chart

Summary :
Target Level : 1.1204
Target Period : 2 days
Analysis :
Channel Up identified at 15-Sep-04:00 2016 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 1.1204 within the next 2 days.
Resistance Levels :
( B ) 1.1274Last resistance turning point of Channel Up.
Support Levels
( A ) 1.1204Last support turning point of Channel Up.

Chart date range : 01-Sep-20:00 GMT-> 15-Sep-08:00 GMT Data interval : 4 hour RSI: 34 Candles MA: 34 Candles

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USD/JPY has bounced back with gains on Tuesday

USD/JPY has bounced back with gains on Tuesday, following losses on the Monday session. Currently, the pair is trading at 102.30. On the release front, Japanese BSI Manufacturing Index improved to 2.9 points, crushing the estimate of -6.5 points. It’s another quiet day in the US, with no major releases on the schedule.
Japanese manufacturing indicators continue to impress this week. On Monday, BSI Manufacturing Index broke a nasty streak of two sharp declines. This reading comes on the heels of Core Machinery Orders, which jumped 4.9%, well above expectations. Preliminary Machine Tool Orders declined 8.4%, but this was markedly better than the previous reading of -19.6%. The Bank of Japan will release a monetary statement next Wednesday, just a day before the Fed releases its statement. The bank cut rates into negative territory earlier in the year, but has had little success in coaxing inflation to higher levels. Will the BoJ adopt further easing measures? If the bank does take action, deeper rate cuts or expanding the asset-purchase scheme (or some combination) are the most likely routes. In addition to its standard rate announcement, the BoJ has said it will also conduct a “comprehensive review” of its policy at the September meeting. What this entails is not clear, as the BoJ has not conducted such a review in the past.

USD/JPY posted slight losses in the Asian session and then recovered. The pair continues to post gains in European trade

102.36 is under strong pressure in resistance and could break during the Tuesday session

101.20 continues to provide strong support

Current range: 101.20 to 102.36

Further levels in both directions:

• Below: 101.20, 100.55, 99.71 and 98.95
•  Above: 102.36, 103.73, 104.99 and 106.3

USD/JPY ratio is unchanged on Tuesday. Currently, long positions have a substantial majority (66%), indicative of trader bias towards USD/JPY continuing to move higher.

USD/JPY Chart

Summary :
Target Level : 102.3007
Target Period : 20 hours
Analysis :
Channel Up has broken through the support line at 11-Sep-23:00 2016 GMT. Possible bearish price movement forecast for the next 20 hours towards 102.3007.
Resistance Levels :
( B ) 103.0555Last resistance turning point of Channel Up.
Support Levels
( A ) 102.019Last support turning point of Channel Up.

Chart date range : 05-Sep-17:00 GMT-> 12-Sep-06:00 GMT Data interval : 1 hour RSI: 34 Candles MA: 34 Candles

EUR/USD is still bearish

 Despite the ECB's latest monetary policy stance, strategists at BNP Paribas say the outlook for EUR/USD is still bearish towards its target of $1.08 by the end of the year. The bank says in a note that it views the ECB's decision as a postponement rather than a rejection of further easing, with new announcements likely in December. Overall, disappointment at the lack of an ECB policy adjustment has only been worth about 2 basis points on the EUR 2 year swap rate, it notes.

GBP/USD is showing limited movement on Thursday

GBP/USD is showing limited movement on Thursday. Early in the North American session, the pair is trading at 1.3330. On the release front, it’s a quiet day. US unemployment claims dropped to 259 thousand, beating the estimate of 264 thousand. This reading marked the lowest level for jobless claims in seven weeks. There are no British released on the schedule. On Friday, the UK will release Goods Trade Balance.
•GBP/USD has shown limited movement in the Asian session. The pair has shown movement in European trade but is unchanged
•1.3327 was tested in support earlier and is under pressure
•1.3480 is a strong resistance line
Further levels in both directions:
•Below: 1.3327, 1.3219, 1.3142 and 1.3033
•Above: 1.3480, 1.3667 and 1.3835
•Current range: 1.3327 to 1.3480
GBP/USD ratio has shown movement towards long positions. Currently, short positions have a small majority (52%), indicative of slight trader bias towards GBP/USD reversing directions and losing ground.

AUD/USD has ticked higher on Thursday

AUD/USD has ticked higher on Thursday. In the North American session, the pair is trading at 0.7670. Earlier in the day, AUD/USD climbed to 0.7732, its highest level since August 15. On the release front, Australian Trade Balance narrowed to A$2.41 billion, better than the forecast of A$2.61 billion. Later in the day, Australia releases Home Loans. In the US, unemployment claims dropped to 259 thousand, beating the estimate of 264 thousand. This reading marked the lowest level for jobless claims in seven weeks.
•AUD/USD was flat in the Asian session. The pair recorded considerable gains in European trade but has reversed directions and has posted small losses in the North American session
•0.7560 is providing strong support
•0.7701 was tested in resistance earlier and could break in the North American session
•Current range: 0.7560 to 0.7701
Further levels in both directions:
•Below: 0.7560, 0.7440, 0.7339 and 0.7200
•Above: 0.7701, 0.7835 and 0.793
AUD/USD ratio is showing movement towards short positions. Currently, short positions have a majority (54%), indicative of trader bias towards AUD/USD reversing directions and moving lower.

USD/JPY ratio is unchanged on Tuesday.

S3 S2 S1 R1 R2 R3
99.71 101.20 102.36 103.73 104.99 106.38
•USD/JPY was choppy in the Asian session and has posted slight losses in European trade
•102.36 is providing strong support
•103.73 was tested in resistance earlier in the Tuesday session
•Current range: 102.36 to 103.73
Further levels in both directions:
•Below: 102.36, 101.20, 99.71 and 98.95
• Above: 103.73, 104.99 and 106.3
USD/JPY ratio is unchanged on Tuesday. Currently, long positions have a majority (59%), indicative of trader bias towards USD/JPY reversing directions and moving to higher ground.
USD/JPY is showing little movement on Tuesday, as USD/JPY is trading at 103.30. On the release front, today’s key event is US ISM Non-Manufacturing PMI. The indicator is expected to remain steady, with an estimate of 55.4 points. There are no Japanese releases on Tuesday. Japan will release Final GDP on Wednesday. The economy is expected to show no growth in the second quarter, with an estimate of 0.0%.

EUR/JPY

Summary :
Target Level : 113.857
Target Period : 2 days
Analysis :
Channel Up identified at 03-Sep-00:00 2016 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 113.8570 within the next 2 days.
Resistance Levels :
( B ) 116.367Last resistance turning point of Channel Up.
Support Levels
( A ) 113.857Last support turning point of Channel Up.

Chart date range : 18-Aug-16:00 GMT-> 05-Sep-08:00 GMT Data interval : 4 hour RSI: 34 Candles MA: 34 Candles

. USD/ZAR rises more than 1%

 The rand slides to its lowest level in nearly eight weeks against the U.S. dollar as Bloomberg reports that Futuregrowth, Africa's biggest private fixed-income money manager, will stop lending money to six of South Africa's largest state companies over concerns about how they are run. This comes amid increasing political uncertainty in the country, with finance minister Pravin Gordhan currently under investigation over possible corruption. USD/ZAR rises more than 1% to hit 14.7155, the rand's weakest level since July 8.

GBP/USD posted gains but has then retracted on Wednesday

GBP/USD posted gains but has then retracted on Wednesday, as the pair trades slightly below the 1.31 line. On the release front, British GfK Consumer Confidence came in at -7 points, within expectations. In the US, we’ll get a look at two key indicators – ADP Nonfarm Employment Change and Pending Home Sales. On Thursday, the US releases unemployment claims and the ISM Manufacturing PMI. The UK will publish Manufacturing PMI.
GBP/USD Technical
S1 S2 S1 R1 R2 R3
1.2849 1.2938 1.3064 1.3142 1.3219 1.3327
•GBP/USD posted slight gains in the Asian and European sessions. The pair has posted considerable losses in North American trade
•1.3064 is providing support
•1.3142 has some breathing room in resistance following considerable losses in the North American session
Further levels in both directions:
•Below: 1.3064, 1.2938 and 1.2849
•Above: 1.3142, 1.3219, 1.3327 and 1.3480
•Current range: 1.3064 to 1.3142
GBP/USD ratio has posted small gains on Wednesday. Long positions have a majority (55%), indicative of trader bias towards GBP/USD breaking out and moving upwards.

U.K. purchasing managers' indexes for August

 U.K. purchasing managers' indexes for August will be key indicators for sterling, starting with the manufacturing index on Thursday, followed by construction Friday and services Monday. After very weak readings for July following the U.K. vote to leave the EU, the market is expecting a modest rebound in August. CIBC strategist Jeremy Stretch says he would look to sell GBP/USD rallies if the rebound should "prove less robust than expected," looking for a test of $1.30 once $1.3020/25 is breached. GBP/USD trades firmer for now, up 0.1% at $1.3119.

GBP/USD has recorded small losses on Tuesday

GBP/USD has recorded small losses on Tuesday, as the pair trades slightly below the 1.31 level. On the release front, British Net Lending to Individuals dropped to GBP 3.8 billion, well short of the forecast. Later in the day, GfK Consumer Confidence is expected to come in at -8 points. In the US, today’s highlight is CB Consumer Confidence. The indicator is expected to remain steady, with a forecast of 97.2 points. On Wednesday, the US will release two key events – ADP Nonfarm Employment Change and Pending Home Sales.
•GBP/USD posted slight gains in the Asian session and is flat in European trade
•1.3064 was tested earlier in support and could break in the North American session
•There is resistance at 1.3142
Further levels in both directions:
•Below: 1.3064, 1.2938 and 1.2849
•Above: 1.3142, 1.3219, 1.3327 and 1.3480
•Current range: 1.3064 to 1.3142
GBP/USD ratio is showing little change on Tuesday, consistent with the lack of movement from GBP/USD. Long positions have a small majority (52%), indicative of trader bias towards GBP/USD moving reversing directions and moving upwards.

Long Yen trades a problem

Long Yen trades a problem
For sometime the FX market has been overly long yen positions for a number of reasons, source of funding for carry trades and for risk aversion purposes. With the BoJ’s back against the wall, the long yen trade looked appealing.
A ‘hawkish’ Fed and a ‘dovish’ Kuroda at last weekend’s Jackson Hole has been pressurizing these ‘weaker’ longs (¥102.33). Overnight, the yen ‘bear’ got further support from PM Abe’s advisor Hamada – he called on the Finance Ministry to “courageously” intervene in FX markets to stem the yen’s appreciation, accusing the MOF of lost credibility on exchange rate. The response is that cabinet is closely watching FX markets and prepared to respond appropriately.
Currently, the market consensus is leaning towards the Bank of Japan (BoJ) favoring deeper negative interest rates at next months monetary policy meeting (September 20).
•USD/JPY has posted slight gains in the Asian and European sessions
•102.36 was tested in resistance earlier and is a weak line
•101.20 is providing support
•Current range:101.20 to 102.36
Further levels in both directions:
•Below: 101.20, 99.71, 98.95 and 97.78
• Above: 102.36, 103.73 and 104.99
USD/JPY ratio is showing little movement on Tuesday. Currently, long positions have a strong majority (69%), indicative of trader bias towards USD/JPY continuing to move to higher ground.

Japanese yen has posted small gains on Monday

The Japanese yen has posted small gains on Monday. Currently, USD/JPY is trading slightly above the 102 line. On the release front, The US will release the Core PCE Price Index and Personal Spending. In Japan, the focus is on consumer spending indicators, with the release of Household Spending and Retail Sales. On Tuesday, the US will release CB Consumer Confidence, a key indicator.
•USD/JPY posted slight gains in the Asian session and has showed limited movement in European trade
•102.36 was tested in resistance earlier and could break in the North American session
•101.20 is providing support
•Current range:101.20 to 102.36
Further levels in both directions:
•Below: 101.20, 99.71, 98.95 and 97.78
• Above: 102.36, 103.73 and 104.99
USD/JPY ratio is showing little movement, consistent with the lack of movement from USD/JPY. Currently, long positions have a strong majority (71%), indicative of trader bias towards USD/JPY continuing to move to higher ground.

GBP/Frank

Summary :
Target Level : 1.2749
Target Period : 2 days
Analysis :
Rising Wedge identified at 29-Aug-04:00 2016 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 1.2749 within the next 2 days.
Supporting Indicators :
RSI above 60
Resistance Levels :
( B ) 1.2854Last resistance turning point of Rising Wedge.
Support Levels
( A ) 1.2749Last support turning point of Rising Wedge.

Chart date range : 11-Aug-16:00 GMT-> 29-Aug-08:00 GMT Data interval : 4 hour RSI: 34 Candles MA: 34 Candles

Diversification and the dollar overhang.

Precious metals are notoriously difficult to trade. Even traders turn out to be right, knowing when to place and press your bets won't be easy. Gold and silver are small, fairly illiquid markets relative to the kinds of positions the biggest "macro tourists"  non-professional investors  have on. If you want to know what is happening in the money supply, look to the lending portions of the economy, not base money, to get the real story.
The Fed wants to see lower prices of stocks and commodities and it seems that they will. The situation for gold is also rather bearish for the medium term as the gold-to-bonds and Dow-to-gold ratio charts suggest that another decline may be in the cards.
While the physical silver market goes far beyond APMEX, both domestically and especially internationally, the buying habits of the (large) APMEX client base could be considered a decent proxy for the overall retail market. The APMEX Top 40 Best Sellers page lists several silver coins and rounds, along with gold, palladium, and platinum products. Disregarding fractionals, the silver coins and rounds were listed in the following order, as of May 25:
1. APMEX Silver Round (Legally, issues by private minters are not considered "coins" at all and must be referred to as "rounds.")
2. Silver American Eagle
3. Silver Canadian Maple Leaf
4. Silver Mexican Libertad
5. Morgan / Peace Silver Dollar

Gold prices Silver prices

GBP/USD showed limited movement

•GBP/USD showed limited movement in the Asian session and posted small losses on EUR/USD. The pair is unchanged early in North American trade
•1.3142 is providing support
•1.3219 remains fluid. This line has switched to a resistance role following slight losses by GBP/USD
Further levels in both directions:
•Below: 1.3142, 1.3064 and 1.2938
•Above: 1.3219, 1.3327, 1.3480 and 1.3533
•Current range: 1.3142 to 1.3219
GBP/USD ratio has shown slight movement towards short positions. Currently, long and short positions are evenly split, indicative of a lack trader bias as to what direction GBP/USD will take next.
GBP/USD is trading quietly at the 1.32 line on Thursday, continuing the lack of movement which has characterized the pair all week. On the release front, British CBI Realized Sales posted a strong gain of plus -9, well above expectations. Over in the US, durable goods reports and unemployment claims beat their estimates. On Friday, the US releases Primary GDP and we’ll also hear from Federal Reserve chair Janet Yellen at the Jackson Hole conference.

USD/JPY has shown limited movement in the Asian

•USD/JPY has shown limited movement in the Asian and European sessions
•99.71 is providing support
•101.20 remains a strong resistance line
•Current range: 99.71 to 101.20
Further levels in both directions:
•Below: 99.71, 98.95 and 97.78
• Above: 101.20, 102.36, 103.73 and 104.9
USD/JPY ratio is unchanged on Thursday, consistent with the lack of movement from USD/JPY. Currently, long positions have a strong majority (72%), indicative of trader bias towards USD/JPY breaking out and moving to higher ground.
The Japanese yen is showing little movement on Thursday, continuing an uneventful week. Currently, USD/JPY is trading at 100.40. On the release front, Japanese SPPI posted a gain of 0.4%, beating the estimate of 0.1%. Japan will release more inflation during the day, highlighted by Tokyo Core CPI. Over in the US, there are two key releases – durable good reports and unemployment claims. On Friday, the US releases Primary GDP and we’ll also hear from Federal Reserve chair Janet Yellen at the Jackson Hole conference.

Broad gains in the pound cause EUR/GBP

 Broad gains in the pound cause EUR/GBP to fall 0.8%, breaking below 0.85 to hit a two-week low of 0.8496. More falls could see it target the 50-day moving average at 0.8373 and the Aug. 4 low of 0.8344. EUR/GBP currently hovers just above chart support at 0.8488, the 50% retracement of its rise from the July 14 low of 0.8250 to a peak of 0.8726 hit on Aug. 16. The 61.8% retracement of that move is another chart support level, which stands at 0.8431.

GBP/USD was flat in the Asian session

•GBP/USD was flat in the Asian session. The pair has posted strong gains in European trade
•There is resistance at 1.3327
•1.3219 remains fluid. This line switched to a support role following gains by GBP/USD
Further levels in both directions:
•Below: 1.3219, 1.3142, 1.3064 and 1.2938
•Above: 1.3327, 1.3480 and 1.3533
•Current range: 1.3327 to 1.3533
GBP/USD ratio is unchanged, consistent with the lack of movement from GBP/USD. Currently, long positions have a slight majority (53%), indicative of trader bias towards GBP/USD continuing to move upwards.The British pound has edged above the 1.32 line on Wednesday, continuing the upward movement which has marked GBP/USD this week. The pair is currently trading at 1.3220. On the release front, British BBA Mortgage Approvals dropped to 37.5 thousand, short of expectations. In the US, today’s highlight is Existing Home Sales, with the indicator expected to dip to 5.52 million. On Thursday, the US releases two key events – Core Durable Goods report and Unemployment Claims.

CAD/NOK

 Recent large oil price swings due to speculation over whether the Organization of Petroleum Exporting Countries will agree an output cut or freeze argue against trading oil-linked currencies, except against each other, Morgan Stanley says. "We prefer not to trade oil currencies outright at the moment due to the wild swings created by headlines from OPEC members suggesting they could look for a production freeze," says Morgan Stanley. Its preferred trade in these currencies is to short CAD/NOK. CAD/NOK on Wednesday hit a one-week low of 6.3323. A move below the Aug. 11 low of 6.3028 would mark its lowest level since June 6.

AUD/USD posted slight losses in the Asian session.

•AUD/USD posted slight losses in the Asian session. The pair recovered these losses in the European session and has posted slight gains in North American trade
•There is resistance at 0.7701
•0.7560 is providing support
•Current range: 0.7560 to 0.7701
Further levels in both directions:
•Below: 0.7560, 0.7440 and 0.7339
•Above: 0.7701, 0.7835, 0.7938 and 0.8045
AUD/USD ratio is unchanged on Monday. Currently, short positions have a small majority (53%), indicative of slight trader bias towards the pair continuing to move upwards.
The Australian dollar has edged higher, as the markets search for economic cues at the start of the trading week. In Monday’s North American session, the pair is trading at 0.7630. The only Australian release is the CB Leading Index, which posted a small gain of 0.1%. There are no US events on Monday. On Tuesday, Australia releases Construction Work Done, while the US will release New Home Sales, a key indicator.
There was good news from the Australian labor market last week, as employment numbers sparkled in July. Employment Change jumped 26.2 thousand, crushing the estimate of 10.2 thousand. This marked the sharpest gain since October 2015. However, the rise was made up of part-time jobs, as full-time positions actually dropped. There was also positive news from the unemployment rate, which dipped to 5.7%, down from 5.8% a month earlier. The strong job numbers will be welcome news to the RBA, which cut rates to an all-time low of 1.50% earlier this month and would like to avoid another cut at its next policy meeting in September.

USD/JPY drop to 95 is "a serious risk,"

An imminent USD/JPY drop to 95 is "a serious risk," says Societe Generale options strategist Olivier Korber. As protection, he advises buying a 6-week put strike at 97, with a knock-out at 93, where the loss is limited to the premium but the option is cancelled if USD/JPY hits 93. "USD/JPY currently presents a very assymetric profile, with the next move likely to be either a small bounce or a sharp break towards 95." Although Societe Generale is bullish USD/JPY medium-term, a "patient" Federal Reserve could leave the dollar under pressure, while the Bank of Japan may struggle to fight JPY strength, says SocGen. USD/JPY trades at 100.43