200 EMA

200 EMA

This data could generate strong volatility in the market and we could see bullish movement in the EUR/USD pair.

This data, if negative, could give bullish momentum to the euro so that EUR/USD could reach 3/8 Murray and even the 200 EMA located at 1.0675.

As the euro is exiting the overbought zone, a technical correction from current price levels towards the psychological level of 1.0500 could be seen as an opportunity to resume buying. The 2/8 Murray zone could be seen as an opportunity to buy just in case a technical bounce occurs above this area.

On the other hand, if EUR/USD falls below 1.0500 (21 SMA), we could expect a bearish move to occur.

The instrment could

Early in the European session, the British pound is trading around 1.2443 below the 21 SMA and the 200 EMA. The 1-hour chart shows that the British pound reached the 1.2542 level and failed to consolidate above that level. We see a strong technical correction today, and the instrument is likely to continue falling towards the 5/8 Murray level over the next few days around 1.2329. GBP/USD pair fell more than 100 pips in light of the solid data from the US labor market to a daily low of 1.2426 reached today in the European session. The upbeat US data indicates a possible reconsideration of further interest rate hikes by the Federal Reserve. So, GBP/USD will be under bearish pressure in the short term and could reach the psychological level of 1.20. In the chart above, we can see that the British pound broke the downtrend channel but left a gap at about 1.24494. In the next few hours, GBP/USD could rebound and cover this gap. It could reach 1.2451 (6/8 Murray) and the 21 SMA around 1.2476. In case the British pound falls below 1.2420, it is expected to extend its decline. Hence, GBP/USD could reach 5/8 Murray at 1.2329. The eagle indicator is giving a negative signal. Therefore, any technical bounce below the psychological level of 1.25 will be considered an opportunity to sell. On the other hand, a pullback towards the SMA 21 located at 1.2476 or towards 1.2480 could be seen as a signal to sell, since the daily pivot point is located there. This serves as a signal that the pound could continue falling in the next few days.

Early in the European session, gold (XAU/USD) is trading around 1,894.45, above the 21 SMA, and below the 200 EMA located at 1,904. On the H1 chart, we can see that gold broke the bearish trend channel formed since August 8 and it is expected to consolidate above 1/8 Murray located at 1,890 in the next few hours. If this scenario occurs, then the instrument could reach the 200 EMA located at 1,904 or go up to 2/8 Murray located at 1,906. 10-year US Treasury yields are trading above 4.3% as investors expect the Fed to continue raising interest rates in September 2023. Bonds and gold are inversely correlated. Since these are overbought, a fall in bonds is expected in the next few days, so it will be seen as an opportunity to buy gold. We can see that gold is overbought according to the 1-hour chart. Hence, we could expect a technical correction to occur in the next few hours towards the 1,888 area and then from there, a technical rebound could follow. In case the XAU/USD pair continues to rise, we could expect it to reach 1,906. We could use this opportunity to sell. The eagle indicator is showing an overbought signal. We expect gold to reach the 1,888 level and this will give us an opportunity to buy at a low price. Conversely, a sharp break below the low reached so far around 1,885, could be seen as a continuation of the downward movement. Therefore, the instrument could reach 1,875 and finally 1,867.

Early in the European session, gold (XAU/USD) is trading around 1,925.28, below the 200 EMA, above the 3/8 Murray. We can see a recovery in gold but we should wait for a confirmation. The price of gold rebounded from a low of 1,915 forming a double bottom with the low of August 28. For this technical reversal pattern to be confirmed, gold should consolidate above 1,930. In the 4-hour chart, we can see that gold managed to sharply break the downtrend channel formed since August 30. In the next few hours, if the price consolidates above 1,930, the bullish cycle could resume and the instrument could reach 4/8 Murray at 1,937. If gold consolidates above 1,921, we could expect a bullish rally and the price could break above the 200 EMA. Such a price action could be seen as an opportunity to buy with targets at 1,937 (4/8 Murray) and 1,953 (5/8 Murray). On the other hand, in case a reversal occurs in the price towards 1,917 and gold consolidates above 1,915, it could also be seen as a signal to buy since the double bottom pattern confirms an upside potential. The daily pivot point is located at 1,919 which adds an upside potential for the next few days. If gold falls and bounces above this area, it could be favorable for a recovery in the short term. The eagle indicator is slightly bearish. The key to a change in trend will be to wait for a daily confirmation close above 1,930.

Early in the European session, EUR/USD is trading around 1.0541, above the 21 SMA, and above the downtrend channel that was broken yesterday in the American session. In the next few hours during the American session, data of crucial importance for the US economy will be published, namely, Non-Farm Payrolls (NFPs). This data could generate strong volatility in the market and we could see bullish movement in the EUR/USD pair. This data, if negative, could give bullish momentum to the euro so that EUR/USD could reach 3/8 Murray and even the 200 EMA located at 1.0675. As the euro is exiting the overbought zone, a technical correction from current price levels towards the psychological level of 1.0500 could be seen as an opportunity to resume buying. The 2/8 Murray zone could be seen as an opportunity to buy just in case a technical bounce occurs above this area. On the other hand, if EUR/USD falls below 1.0500 (21 SMA), we could expect a bearish move to occur. The instrment could reach the October 3 low around 1.0447 and even 1/8 Murray at 1.0385. The daily pivot point is located around 1.0532 which favors a positive outlook. However, with a bounce around the daily S_1 support, we could expect an opportunity to buy the euro above 1.0513. The eagle indicator has been giving a positive signal since October 3. However, any pullback and while the euro trades above 1.0450 will be seen as an opportunity to buy with the target at 1.0675 (200 EMA).

GBP/USD Technical Analysis: Bearish Pressure Persists as Pound Eyes 1.2329 Level

Gold Price Analysis: Technical Outlook and Potential Scenarios

Gold Prices Show Signs of Recovery, Key Levels to Watch

EUR/USD Trading Analysis: Navigating Market Volatility Amid Crucial US Economic Data

Wiadomości

currency calculator

Komentarze rynkowe