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Abstract:The USD drops like a rock in the short term again as the USDX plunges and approaches the 96.00 psychological level. The dollar is losing significant ground versus its rivals, EUR/USD is traded at 1.1358 and most likely it will reach new highs soon.
The USD drops like a rock in the short term again as the USDX plunges and approaches the 96.00 psychological level. The dollar is losing significant ground versus its rivals, EUR/USD is traded at 1.1358 and most likely it will reach new highs soon.
Gold has taken advantage of USDs drop and has jumped above the $1,800 psychological level. The yellow metal is strongly bullish as the global risk is high, so the gold price could approach and reach fresh new highs if the USD will continue to drop.
● USDX Drives The Dollar Lower!
The US Dollar Index has escaped, breakdown, from a minor ascending channel, the valid breakdown has signaled a further drop. I‘ve said in my yesterday’s article (EUR/USD - Can Buyers Take It Higher?) that the USDX is under pressure and it could drop deeper after the failure to reach the upper median line (UML) of the descending pitchfork and after it has dropped from the minor up channel.
The current sell-off has pushed the EUR/USD higher in the short term, the 90.00 level is seen as a critical support level. The index has broken from the minor range, a valid breakdown from this pattern will suggest a drop towards the 95.00 level. Only a false breakdown with huge separation, a pin bar, below the 96.43 level, and below the 78.6% retracement level today could invalidate a further drop. Also, a reversal pattern right on the 96.00 level could announce another bullish momentum in the short term, this scenario will signal that the USD will strike back and it will recover.
● EUR/USD Breakout Attempt
EUR/USD is trading in the green and it tries to make another higher high, to make a valid breakout above the 1.1348 level. A valid breakout from the minor range will suggest that EUR/USD will resume its upside journey.
The pair could drop a little only if the US data will come in better later today, the Unemployment Claims indicator is expected around 1375K in the previous week, lower versus 1427K in the former reading period.
EUR/USD is strongly bullish after yesterdays major bullish candle, the R1 (1.1404) could represent the first upside obstacle. Still, the 1.1495 is seen as a major static resistance, it remains to see what will happen when the price will reach this level, a valid breakout above it will validate a broader upside movement in the medium to the long term.
● GOLD Ignored The $1,800 Level
The gold price has managed to stabilize above the median line (ML) of the ascending pitchfork and now it has found a temporary resistance at the upside 50% Fibonacci line. Gold has registered an aggressive breakout above the $1,800 level, but it could still come back to retest the broken psychological resistance before it will jump higher.
The outlook is bullish as long as the yellow metal stays above the $1,800 level and above the median line (ML) of the ascending pitchfork. Only a valid breakdown below the median line (ML) will suggest that the bullish movement is finished and that the gold price will give birth to a corrective phase.
The R1 ($1,821) is seen as potential static resistance, a valid breakout above this level, and above the 50% Fibonacci line will signal a further increase towards the upper median line (UML) of the ascending pitchfork. A consolidation right above the $1,800 level and the median line (ML) retest could give us a great chance to buy Gold as well.
[About The Author]
Olimpiu Tuns
is a seasoned market analyst / trader / trainer on the financial
markets with expertise in forex, cryptocurrencies, commodities, futures,
options, index, CFD for more than 8 years. He is also a famous blogger
in both technical and fundamental analysis, trading signals, trade
setups, etc.
He
has worked as a Market Analyst / Consultant for three major Brokerage
companies, Admiral Markets, MultiBank Exchange Group and InstaForex
(live webinars, market analysis, educational materials, video analysis,
video tutorials, ghostwriting, content creator), as a Social Media
Manager and as a Financial Markets & Crypto Analyst / Contributor
for very important news portals/blogs (investing.com, benzinga.com,
forexalchemy.com actionforex.com, countingpips.com), websites,
educational platforms (Forex.Academy, Forex.Today), independent clients,
etc.
Olimpiu Tuns currently works as a Financial Markets & Crypto Analyst / Signal Provider / Trader / Trainer.
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WikiFX| Daily F.X. Analysis, August 28 |Arslan Ali Butt-KOL
The last three months has been a state of dull to especially swing traders who were riding the bearish trend as there now caught up in a range zone for the stated trading duration period. Earlier in the year, we saw a significant strong bullish move that started right about 1.61034 price handle and as per now it is still holding fort as a credible support level with four retest to the upside. It may not lost on market participants that that level still holds some very worthwhile long limit orders or buys orders from large players and position traders.
GBP/USD edges higher and it’s almost to hit 1.3285 yesterday’s high as the greenback is punished by USDX’s sell-off. The pair has confirmed again that the bullish bias remains intact on the Daily chart. Another higher high, a bullish closure above 1.3285 brings in new long opportunities. USD takes a hit from the US Dollar Index which failed once again to take out a dynamic resistance. USDX is traded at 92.61, right above 92.55 critical support. A valid breakdown validates a deeper drop and EUR/USD bullish run.
Even though my sentiment for this pair is still bearish, as one looks at a text book perfect descending channel and where the upper trend line really being respected as strong support line having being tested four times. Nevertheless, it seems currently as we near close of monthly trading session, either sellers may be giving up ground, facing some bearish trend exhaustion or purely taking out some of the profits if at all not taking out their positions.