Asian shares gave up gains while the USD recovered versus the EUR after comments from FED’s Yellen last night. In summary, the FED Chairwoman mentioned that she and other policy members expect a 2015 liftoff in interest rates. As a result EURUSD is trading at 1.1170 while GOLD’s rally to 1156 settled for 1146 at time of writing.
Economic data released yesterday showed that USD durable goods fell less than expected in August (2%). Meanwhile Americans seeking unemployment benefits fell showing that the economy is on the right path towards full employment. New home sales also rose more than expected which further solidifies the case for a rate hike this year.
Stocks around the world fell for a fifth day on Thursday, sliding towards two-year lows as worries lingered over global economic growth and Volkswagen’s emissions test scandal rattled European carmakers. Overall, it looks like FED’s Yellen comments have become a game changer for the time.
US GDP at 12:30 GMT is the highlight of the day in terms of economic news releases
Trading Quote of the Day: In investing, what is comfortable is rarely profitable – Robert Arnott
USDCAD
Pivot: 1.3295
Likely scenario: Long positions above 1.3295 with targets @ 1.342 & 1.3495 in extension.
Alternative scenario: Below 1.3295 look for further downside with 1.3225 & 1.317 as targets.
Comment: The RSI lacks downward momentum.
USDCHF
Pivot: 0.973
Likely scenario: Long positions above 0.973 with targets @ 0.981 & 0.986 in extension.
Alternative scenario: Below 0.973 look for further downside with 0.9665 & 0.962 as targets.
Comment: The RSI is well directed.
OIL
Pivot: 45.4
Likely scenario: Short positions below 45.4 with targets @ 44.4 & 43.85 in extension.
Alternative scenario: Above 45.4 look for further upside with 46.1 & 46.9 as targets.
Comment: Intraday technical indicators are mixed and call for caution.
DAX
Pivot: 9780
Likely scenario: Short positions below 9780 with targets @ 9320 & 9235 in extension.
Alternative scenario: Above 9780 look for further upside with 10020 & 10175 as targets.
Comment: As long as 9780 is resistance, look for choppy price action with a bearish bias.
Important note: These technical and research reports are provided to easy-forex® as a subscriber of third party providers. They are provided for informative purposes only and in no way can they be considered as a recommendation by easy-forex® to you to engage in any trade. Hence, easy-forex® shall not be held responsible for any outcome of trading decisions, in regards with these reports or similar reports. You hereby acknowledge that using the information entailed in these reports is at your sole responsibility and you will have no claims with regards to these reports against easy-forex®. If you do not agree to this, you are strongly advised not to use these reports.
Easy Forex Pty Ltd (AFSL 246566 ABN 73107184510) makes no recommendations as to the merits of any financial product referred to in this website, emails or its related websites and the information contained does not take into account your personal objectives, financial situation and needs. Easy-Forex recommends that you read the Regulation Page, The Product Disclosure Statement, the Terms and Conditions and the Financial Services Guide before making any decision concerning Easy-Forex’s products.