Yesterday’s Market WrapYesterday started with the Reserve Bank of Australia meeting, which didn’t produce any further hikes as widely anticipated. Alt
Yesterday’s Market Wrap
Yesterday started with the Reserve Bank of Australia meeting, which didn’t produce any further hikes as widely anticipated. Although they did sound hawkish, which was a reason that the AUD held up a bit better than other major currencies against the USD, which continued to make advances, following a strong JOLTS jobs report.
JOLTS jobs for August jumped to 9.61 million, up from the predicted 8.800 million. This study will do little to help the bond market and the US dollar which kept rising across the board as evidence keeps mounting that the US labor market is doing fine.
Later on, the Japanese Finance Ministry was held to account for a flash crash in USD/JPY after this pair reached 150.00 and it continued to increase to 150.16 after the JOLTS report. That’s when Japanese officials unleashed their fury, resulting in a swift decrease to 147.30s. But the price rebounded quickly as the market now believes it has seen the MOF’s hand, so this pair reversed back up to 149.33.
Today’s Market Expectations
Yesterday the volatility continued, with the USD progressing further to the upside, before the USD/JPY crash came. We opened several yrading signals, although only three closed, two long term gold signals and a EUR/GBP forex signal, all of which hit the take profit targets.
GOLD Getting Closer to $1,800
Gold continues to show no signs of life as it keeps making massive losses day after day. The chart shows strong bearish momentum in XAU/USD. Gold broke below the 200 SMA (purple), which rejected the price twice in about a month and has already seen two bounces off of it, but the price has continued to return to it, signaling that the 200 SMA has now been broken. As the slump persisted, the price fell below $1,820 yesterday.
XAU/USD – Daily chart
- Gold Sell Signal
- Entry Price: $1,840
- Stop Loss: $1,860
- Take Profit: $1,805
EUR/USD Falling Below 1.0450
EUR/USD has been bearish since July and it seems like the decline is picking up momentum, as this pair continues to make new lows. Late last week we saw a reverse higher above 1.06, but the 50 SMA (yellow) acted as resistance, refusing the price and yesterday we saw a 100 pips tumble as USD buyers returned, sending this pair below 1.05.
Cryptocurrency Update
Booking Profit During the Surge in BITCOIN
BTC/USD – Daily chart
- BTC Buy Signal
- Entry Price: $26,248.2
- Stop Loss: $24,500
- Take Profit: $28,000
ETHEREUM Fwiling at the 100 SMA
Lte last month, the price of Ethereum started increasing from the support, showing that there was a degree of purchasing interest and demand for Ethereum at roughly $1,600. Buyers have entered the region above this level on multiple times, but the 100 SMA (green) has been functioning as resistance on the daily chart. After Subnday’s surge we saw a reversal at thismomving average and yesterday erased all of Sundy’s gains.
ETH/USD – Daily chart
- ETH Buy Signal
- Entry Price: $1,671.79
- Stop Loss: $1,371
- Take Profit: $1,971
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