Market Brief / 21-08-2017

in #forex7 years ago

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The EUR/USD remains supported by a rising trend line, and is now challenging the nearest resistance at 1.1770. The RSI stands firmly above its neutrality area at 50. Moreover, both the 20- and 50-period moving averages are heading upward, calling for further advance.

In which case, as long as 1.1730 holds on the downside, look for a new rise towards 1.1810. Alternative scenario, only a break below 1.1730 would turn the outlook to bearish with targets at 1.1705 and 1.1660.

On the data slate there’s UK Public Sector Net Borrowing; German Buba Monthly Report; US Chicago Fed National Activity Index and US 3- and 6-Month Bill Auctions.

BUY EUR/USD @ 1.1710 OR BETTER – STOP @ 1.1660 – TARGET @ 1.1830
BUY GBP/USD @ 1.2890 OR BETTER – STOP @ 1.2840 – TARGET @ 1.2965
SELL USD/JPY @ 109.60 OR BETTER – STOP @ 110.10 – TARGET @ 109.00
BUY CL1017 @ 48.10 OR BETTER – STOP @ 47.50 – TARGET @ 49.80
BUY AUD/USD @ 0.7915 OR BETTER – STOP @ 0.7865 – TARGET @ 0.7990
BUY XAU @ 1285OR BETTER – STOP @ 1278 – TARGET @ 1310
BUY XAG @ 16.90 OR BETTER – STOP @ 16.40 – TARGET @ 17.70

THE ABOVE BRIEF IS MY PERSONAL OPINION AND DOES NOT CONSTITUTE ANY PROMISES OR GUARANTEES OF PROFITS. TRADING IN CURRENCIES AND COMMODITIES ARE HIGH RISKS. YOU SHOULD NOT TAKE ANY MATERIAL POSTED AS RECOMMENDATION.

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