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After CPI, focus on PPI and GOLD towards targetOANDA:XAUUSD Spot trading recovered after falling in yesterday's trading session due to the impact of US data, but these impacts will not be too negative for gold's uptrend in terms of both fundamental and technical aspects. . The US CPI report creates obstacles for the Fed's ability to cut interest rates by 50bps • The U.S. Bureau of Labor Statistics reported Wednesday that the U.S. consumer price index (CPI) rose 0.2% month-over-month in August, in line with market expectations. • US CPI in August increased by 2.5% over the same period last year, decreasing for the 5th consecutive month, in line with market expectations and lower than the previous level of 2.9%. • However, it is worth noting that core CPI in the United States increased 0.3% month-on-month in August, the largest increase in 4 months and a higher increase than the expected increase of 0.2%. . (Typically the core inflation rate reflects underlying inflation better than the overall CPI). • US core CPI increased 3.2% year-on-year in August, in line with forecasts. Higher-than-expected US core inflation data will become an issue for the Federal Reserve over the possibility of a 50 basis point interest rate cut in the next FOMC. The focus now is on monthly core CPI data, which tends to raise concerns about persistent inflation. This could completely cause the FOMC to appear in the near future to oppose a strong interest rate cut, or no 50bps cut. According to CME's "FedWatch" tool, markets now assess an 87% chance the Fed will cut interest rates by 25 basis points next week, compared with a 71% chance before the CPI data was released. This metaphor will change over time, especially after data is released, describing how market sentiment is leaning towards the Fed's interest rates. Markets will now focus on the release of the US producer price index and initial jobless claims today (Thursday). Basically, as we have sent to readers throughout recent publications, even if the impact of the data is not good, gold will still receive support from monetary policy, because the Fed will have to start the cycle. interest rate cut period. Some readers have asked, how much will gold increase and when will it increase? I certainly will not be able to answer this question. But it can be easily seen that gold will still have conditions to increase until the Fed stops reducing interest rates, and when the Fed stops reducing interest rates, I don't know anymore because I have some friends in the US but don't. Who is Jerome Powell? Analysis of technical prospects for OANDA:XAUUSD On the daily chart, after gold corrected downward in yesterday's trading session and received support from the support confluence area noticed by readers at EMA21 and the lower edge of the price channel and the 0.786% Fibonacci extension, It has recovered and continued its short-term uptrend. The target level and short-term upside structure are unchanged with a target of $2,531 in the short term, more than $2,544 to set a new all-time high. The relative strength index RSI is pointing up, still quite far from the overbought level, showing that there is still wide room for price growth ahead. During the day, gold's uptrend will be noticed again by the following technical levels. Support: 2,503 – 2,500 – 2,484USD Resistance: 2,531 – 2,544USD SELL XAUUSD PRICE 2546 - 2544⚡️ ↠↠ Stoploss 2550 →Take Profit 1 2539 ↨ →Take Profit 2 2534 BUY XAUUSD PRICE 2489 - 2491⚡️ ↠↠ Stoploss 2485 →Take Profit 1 2496 ↨ →Take Profit 2 2501
OANDA:XAUUSD
by Xayah_trading
2024-09-11 - priceactiontds - daily update - nasdaqGood Evening and I hope you are well. tl;dr Indexes - What a bear trap that was. Many decent double bottoms and then straight up melting. Many markets did not even touch the 3m 20ema on the move up. Bulls took full control again imo and I expect the highs to be retested, if not broken. SP500 the strongest of the ones I trade. Very very low chance of this being a bull trap after a bear trap and we reverse hard tomorrow but at this point of the chop, I won’t rule anything out. nasdaq e-mini futures comment: I try to stick to the only important pattern for me right now. Huge triangle, fits the unclear and erratic direction of the current price action. 19600 will likely be tested again because bulls just bought too strongly today. I’d be surprised if we break above 19700 though. If we do, no reason not to print 20000 or a new ath. current market cycle: trading range - triangle on the daily chart key levels: 18300 - 19800 bull case: Bulls trapped many bears today and printed a nasty reversal. I think most bears already gave up and we are free to trade to at least 19600. Problem with longs is the stop. Right now you would have to do 18600 and that’s just dumb. So should you wait for a pullback? Yes. Invalidation is below 18900. bear case: Do bears have any arguments until 19600? I don’t think so. There is a minor trend line running 19300ish but its weak. The bigger trend line from the ath is more likely and there I expect more resistance from the bears. If bears somehow manage to drop it below 18900 again, market is probably neutral again. Invalidation is above 19300. short term: max bullish for 19600, if bulls come around again tomorrow. Would like to see a pullback to the 1h or at least 15m ema. medium-long term: This climactic blow off top is/was the grand finale of this bull trend. Perfect break above multiple patterns which I expect is a bull trap and we will test the various support lines next before the new bear trend will unfold over the next 3-9 months. —unchanged since 2024-06 current swing trade : Nope. trade of the day: Buying 18600 was profitable since Monday.
CME_MINI:MNQ1!Long
by priceactiontds
2024-09-11 - priceactiontds - daily update - daxGood Evening and I hope you are well. tl;dr Indexes - What a bear trap that was. Many decent double bottoms and then straight up melting. Many markets did not even touch the 3m 20ema on the move up. Bulls took full control again imo and I expect the highs to be retested, if not broken. SP500 the strongest of the ones I trade. Very very low chance of this being a bull trap after a bear trap and we reverse hard tomorrow but at this point of the chop, I won’t rule anything out. dax futures comment: Dax is not looking that strong like the sp500 does. Technically it’s currently just a two legged pullback to the daily ema and odds still favor the bears for another leg down. If the bulls break above 18550, that changes and bulls are favored to trade back to 18800 and above. Very important day tomorrow. current market cycle: trading range until either 18550 or 18200 broken key levels: 18200 - 18550 bull case: Strong reversal after the double bottom around 18220 today. If bulls generate follow through above 18550 tomorrow, many bears could give up and we see an acceleration upwards. Invalidation is below 18400 (not sure about the invalidation level as of now). bear case: Bears need a bit of a miracle tomorrow to prevent the bulls from breaking above 18550. The bear channel is gone and the 4h ema too. What arguments do bears have? Well, the current price action is wild in both directions. Since Friday we are in a 400ish point trading range. Technically, on the daily chart, it’s still just a two legged pullback to the daily ema and bears could try to get another leg down, I just highly doubt those arguments are better than the bullish ones. Invalidation is above 18550. short term : I wait for the breakout above given price. Bears would need to trade below 18400 before I think about shorts again. 18500 is a bad spot to enter new positions. medium-long term - Update from 2024-09-01: 4 Months left in 2024 and I do think the market is in a trading range where the upper area is around 19000 and the lower area is probably 17000 or 16000 if something bigger comes up. Since we are at the very top, I expect the market to go some sideways before trying to go down again. Next 2000 Points will be made to the downside but it’s too early to short this. current swing trade: None. trade of the day : Short near the 4h ema was once again a very good trade. Buying the double bottom bar 4 Tuesday and bar 4 today.
EUREX:FDXSU2024
by priceactiontds
Dow Jones (YW): Key Levels to Watch Before CPI ReleaseThe Dow Jones (YW) is approaching crucial levels ahead of the upcoming CPI data release. The chart highlights key red and green lines where price action could intensify, offering potential buy and sell opportunities. Traders should stay alert as volatility may spike following the data. What’s your take on these levels? Share your thoughts, and follow for more timely insights! *Disclaimer: This is not financial advice. Always trade responsibly!*
CBOT_MINI:YMU2024
by Remora_traders
CPI data focus, GOLD targets price increaseOANDA:XAUUSD Break above $2,500 and stabilize above this key raw price, which is beneficial to the uptrend and has been the target level that has been of interest to readers over the past several weeks. This trading day, notable is the US CPI data today and the European Central Bank policy meeting tomorrow. Today (Wednesday), the US Consumer Price Index (CPI) report for August will be released. This will be the last important macro data before the Federal Reserve's interest rate meeting in September. Whether the Federal Reserve cuts interest rates by 50 basis points may depend on this . Surveys show that the US annual core CPI growth rate in August is expected to decline from 2.9% to 2.6%, while the annual core CPI growth rate is expected to maintain at 3.2%. If CPI increases from last month, US Treasury yields could rise again, putting gold under some pressure. On the other hand, if the data is at or below market expectations, it will cause the US Dollar to continue to sell off, helping gold move higher. Unless CPI is much higher than expected, the Fed could cut interest rates by 25 basis points in September. If month-over-month CPI growth is lower than expected, a 50 basis point cut is possible. will happen. Geopolitical risks have a new point Israel may have 'accidentally killed' US activists in attack on Palestinian camp, leaving 19 dead. Israel's military said Tuesday that a U.S. activist killed in the West Bank last week may have been shot "indirectly and unintentionally" by Israeli soldiers, a move that drew strong condemnation from U.S. Secretary of State Antony Blinken strong. Israel said it has opened a criminal investigation into the murder of 26-year-old Seattle activist Aysenur Ezgi Eygi. Blinken condemned the deadly shooting when asked about it at a news conference in London and said the United States would make clear to allies that such behavior was "unacceptable." According to AP News, Palestinian officials said Israel attacked a crowded Palestinian camp in the Gaza Strip early Tuesday morning local time, killing at least 19 people and injuring 60 others. Elsewhere, Reuters reported that Ukraine carried out its largest drone attack to date in the Moscow region on Tuesday, killing at least one person and destroying dozens of homes and businesses. forcing about 50 flights to be diverted from airports around Moscow. Obviously, geopolitical risks are still present, and every time the market is quiet it appears as a huge supportive force for gold prices. Therefore, considering the current geopolitical context, gold is always supported, because gold is always the leading safe haven asset whenever risks appear in the market. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold continues its uptrend with the previous two consecutive days of gains from the key near-term support area that has been presented to readers over the past several periods, at the EMA21 level confluence with the lower edge of the price channel and 0.786% Fibonacci Extension level. On the other hand, the horizontal support level at 2,484 USD is also a reliable short-term support level for the uptrend. There is not much change in the upward structure of gold prices, the multi-week target levels continue to be fixed at 2,531 USD in the short term and more at 2,544 USD. The relative strength index RSI is also bent upward with a pretty good slope, this is a positive signal depicting the wide room for price growth ahead. During the day, the rising prospect of gold prices will be noticed by the following technical levels. Support: 2,503 – 2,500USD Resistance: 2,531 – 2,544USD SELL XAUUSD PRICE 2546 - 2544⚡️ ↠↠ Stoploss 2550 →Take Profit 1 2539 ↨ →Take Profit 2 2534 BUY XAUUSD PRICE 2495 - 2497⚡️ ↠↠ Stoploss 2491 →Take Profit 1 2503 ↨ →Take Profit 2 2508
OANDA:XAUUSDLong
by Xayah_trading
2024-09-10 - priceactiontds - daily update - daxGood Evening and I hope you are well. tl;dr Indexes - Dax puked hard but bulls are also making money there. Rest of my followed indexes were mixed. Bears still expect a bigger second leg down when you look at the daily charts. Add the bull trend lines to the current bear flags and wait for a break below. If we get it, I do think most bulls will cover. I am not too fond of buying currently. dax futures comment: 4h ema is your guide. Saw multiple rejections there again and sold off hard. Market is going straight up and down, bears are in control but both sides make money. We have a decent bear channel but bears were not strong enough to touch the lower trend line again, before bulls bought it aggressively. I think they can get it above 18420 or higher. If not, the bear trend could accelerate downwards but I doubt that. Overall markets are too two sided currently. current market cycle : bear trend key levels : 18200 - 18550 bull case: No close above the 4h ema, no breakout above previous highs but market is two sided enough for bulls to make money. No better arguments for them until they make higher highs and higher lows again. I think 18000 is probably the next bigger support where it could happen but bears already had 3 pushes down and pullbacks. Chances for a 4th or 5th leg down are very small so bulls could try to keep it above 18210. Invalidation is below 18440. bear case: Lower highs, lower lows. Bears are in control. No more magic to it. We have the 4h ema as a good sport to short and the upper bear channel line. Market did bounce 10 points above my calculated 50% pullback for the bull trend and tomorrow will be interesting if bears can do a lower high again and break below 18200. Much easier to trade this currently, if you look more at higher than lower time frames, which leads me to the argument for the bulls about the 3 pushes down. On the daily chart bears see one giant leg down and want another one. We are currently in a bear flag and if bulls fail to trade above 18700, odds favor the bears for a giant second leg down. Invalidation is above 18523. short term : Bullish for 18440+ but problem is the stop. If you would short 18303, where would you put it? Only good one is 18209 but that could easily get tested again. Best to not trade in the middle of the channel or only on very strong momentum. Above 18440 I favor shorts again, if we stay below 18523. medium-long term - Update from 2024-09-01: 4 Months left in 2024 and I do think the market is in a trading range where the upper area is around 19000 and the lower area is probably 17000 or 16000 if something bigger comes up. Since we are at the very top, I expect the market to go some sideways before trying to go down again. Next 2000 Points will be made to the downside but it’s too early to short this. current swing trade: Closed the shorts too early. Bad trading on my part. Read was good though. Also expected the bounce but got stopped out badly because I entered too early and market dropped way deeper than expected. trade of the day: Short near the 4h ema.
EUREX:FDXSU2024
by priceactiontds
GOLD recovers, pay attention to US CPI and PPIOANDA:XAUUSD recovered and increased in the early part of the week, following both the fundamental and technical trends sent to readers in weekly publications and publications throughout the past time. This week the market is still waiting for the US inflation report to further evaluate the interest rate direction of the US Federal Reserve. Investors will now focus on US consumer price (CPI) data for August on Wednesday and producer price index (PPI) on Thursday. If inflation data is much weaker than expected and raises expectations for a 50 basis point cut, gold prices will have enough fundamental momentum to aim for a new all-time record. But even if the market agrees to cut 25 basis points, gold prices will not decrease significantly because the Fed will definitely cut interest rates this September. The situation in the Middle East remains tense, which creates momentum for gold prices to recover According to Agence France-Presse, Israel's airstrike on central Syria on September 8, local time, killed at least 14 people. According to Iranian media reported on September 8 local time, regarding the death of Hamas leader Haniyeh in the attack in Tehran, Commander of the Iranian Islamic Revolutionary Guard Corps Hossein Salami said that day. Iran will certainly not let Israel carry out its evil actions. He reiterated that Iran's retaliatory measures will be very different. Haniyeh was assassinated in Tehran, the capital of Iran, on July 31. Hamas and Iran determined that the assassination was carried out by Israel and Iran firmly vowed to retaliate. Israel has so far neither acknowledged nor denied Haniyeh's assassination. Gold is a haven asset that is sensitive to geopolitical risks, so any new points that occur are a significant support for gold prices. Gold ETFs increased their net gold holdings for the fourth consecutive month • Gold ETFs increased their net gold holdings for the fourth consecutive month and funds in all regions saw net gold inflows, with Western funds leading the gains. Globally, gold ETF holdings increased by 28.5 tons of gold in August. • According to the World Gold Council (WGC), strong movements in gold prices have led to the exercise of at-the-money call options on major gold ETFs, generating large capital inflows at expiration. European funds had net inflows of 7.9 tons of gold, amounting to $362 million, with Swiss and British funds leading the increase, and the eurozone and safe-haven buying driving push gold prices up. “Inflows related to foreign exchange hedging products have been significant, especially in Switzerland, against the backdrop of local currency appreciation against the US dollar,” the World Gold Council said. . • The amount of gold flowing into Asian funds slowed down but still maintained positive growth for 18 consecutive months, reaching 0.3 tons. India continues to lead gold capital flows into the region and reported its strongest month since April 2019. The recent reduction in import duties has boosted the Indian gold market. Japan also reported significant capital inflows for the sixth consecutive month. • Funds in other regions increased their holdings by 3.2 tons and gold holdings in the Australian ETF increased for three consecutive months. Gold flows into ETFs could have a significant impact on global gold markets by boosting overall demand. ETFs are a convenient way for investors to invest in the gold market, but owning an ETF also has many differences from holding physical gold. Analysis of technical prospects for OANDA:XAUUSD Although gold has had significant downward corrections, the recovery from the technical level of 2,484 USD to above the original price of 2,500 USD is positive signals for the uptrend. In the short term, gold tends to increase with the price channel as the short-term trend and the nearest support is noticed at the 21-day moving average (EMA21). As long as gold remains above the 0.786% trend Fibonacci extension, it still has enough upside prospects with a recent target at $2,531 in the short term and more than $2,544. During the day, gold's uptrend will be noticed by the following technical levels. Support: 2,500 – 2,484USD Resistance: 2,503 – 2,531 – 2,544USD SELL XAUUSD PRICE 2519 - 2517⚡️ ↠↠ Stoploss 2523 →Take Profit 1 2512 ↨ →Take Profit 2 2507 BUY XAUUSD PRICE 2471 - 2473⚡️ ↠↠ Stoploss 2467 →Take Profit 1 2478 ↨ →Take Profit 2 2483
OANDA:XAUUSD
by Xayah_trading
2
ASX 200 futures enter the “death zone” for bulls ASX 200 SPI futures and bullish moves above 8000 haven’t mixed well in 2024, resulting in a raft of failed breaks, long topside wicks and topping patterns. It’s akin to a “death zone” for bulls, starving rallies of oxygen before eventually reversing. I’m not outright bearish just because we’re back above the level, especially when momentum indicators are providing mixed signals, but I am interested in what happens near-term as it may dictate what happens longer-term. We’ll either get another topping pattern, or a bullish raid will finally stick. So, I’m waiting. I’m especially interested in how the price fares around 8080, if it gets there. The market has only been able to push through it once and never closed there. Given the track record and current valuations, I’m more inclined to sell rallies but I want the price signal to do so. If we see another failed attempt around 8080, you could sell with a stop either above the level or the high set in August, depending on your eventual target. On the downside, the 50-day moving average looms as one, with 7871, 7794 and 7721 the next after that. If the price were to break and close above 8121 before extending the move, the bearish bias would be negated. Good luck! DS
ASX24:AP1!
by FOREXcom
1
Inflation data is the focus next week, GOLD closes above supportOANDA:XAUUSD fell on Friday (September 6), after closing in on a record hit earlier in the session after mixed US jobs data raised concerns about the scale of interest rate cuts in the decision. Federal Reserve decision later this month. The U.S. Department of Labor reported that nonfarm payrolls increased by 142,000 in August, compared with estimates of 160,000. The July figure was also adjusted down to 89,000. However, the unemployment rate was 4.2%, in line with expectations but down from 4.3% the previous month. The gold market's central question is whether the Federal Reserve will cut interest rates by 50 basis points or 25 basis points on September 18. Interest rate reduction is almost certain. According to CME Group's FedWatch tool, traders now see a 70% chance of a 25 basis point rate cut this month and a 30% chance of a 50 basis point rate cut. Some notable comments from influential officials in the US Federal Reserve • New York Fed President John Williams said lowering interest rates as quickly as possible will help keep the job market in balance. • Federal Reserve Governor Christopher Waller also said “the time is right” for the US central bank to begin a series of interest rate cuts, adding that he is willing to accept the scale and pace of cuts reduce. The upcoming US CPI report next week will provide a trend impact on gold prices. This is the final inflation report before the Fed's September 17-18 policy meeting and it will impact the size and pace of the Fed's interest rate cuts. The Fed's path to cutting interest rates is a very important factor. Once the market prices in a path of rate cuts at a faster pace over a longer period of time, gold will continue to rebound over the longer term. Economic data to watch next week Wednesday: US consumer price index (CPI). Thursday: ECB monetary policy decision, US PPI, US weekly unemployment claims Friday: University of Michigan preliminary consumer confidence index Analysis of technical prospects for OANDA:XAUUSD On the daily chart, although gold fell in the last trading session last week, in general the short, medium and long-term uptrend is still not much affected. Gold remains bullish in the short term with previous targets at $2,531 – $2,544 as long as it remains above EMA21 and within the trend price channel. Once gold rises back above the 0.786% fibonacci extension it will be eligible to continue rising and the weekly close above the $2,484 technical level is also a positive technical signal. The downward relative strength index is close to reaching the 50 level. The 50 level is considered a support if the RSI is above this level and this is also a signal that the downside space is no longer wide ahead. In the immediate future, the technical trend of gold prices is still leaning towards the possibility of an increase with notable levels being listed as follows. Support: 2,484 – 2,471USD Resistance: 2,500 – 2,503 – 2,531USD SELL XAUUSD PRICE 2509 - 2507⚡️ ↠↠ Stoploss 2513 →Take Profit 1 2502 ↨ →Take Profit 2 2497 BUY XAUUSD PRICE 2481 - 2483⚡️ ↠↠ Stoploss 2477 →Take Profit 1 2488 ↨ →Take Profit 2 2493
OANDA:XAUUSD
by Xayah_trading
1
2024-09-09 - priceactiontds - daily update - daxGood Evening and I hope you are well. tl;dr Indexes - Green across the board. On the daily charts it’s mostly a small to normal bullish inside bar, so nothing to get excited about yet for the bulls. Tomorrow will be very important for the bears. If they fail to test the lows again or stop the pullback, many bears could give up and let the bulls test the highs again. In my weekly outlook I wrote that the 4h ema is currently the most important one and almost all markets respected it and closed below. Will look for early weakness and want to short for retest of the Friday lows. dax futures comment: Market closed below the 4h ema so bears remain in control. I think the odds favor the bears for a retest of the lows and some more sideways movement before we get another impulse. On the 15m chart there is a clear bull channel which is good to trade for now. Will probably see a contraction in Globex and early EU session before a breakout above or below. current market cycle: trading range - below 18260 we know we are in a bear trend inside the bigger trading range. key levels: 18260 - 18600 bull case : Bulls need a 1h close above the 4h ema and the next target above is 18638 which is Friday’s high. If they get above it, most bears will give up on the bear trend pattern and we likely see acceleration upwards. Bulls need to defend the current bull channel where the lower trend line is currently around 18440. Invalidation is below 18440. bear case : Bears currently have 2 decent bear gaps on the daily chart. If they can keep the market below the 4h ema, that would help their case big time. Bear targets are 18400 and then 18300. Invalidation is above 18550 (daily 20ema). short term: Bears are still in control and the odds favor a second leg down. The pullback need to stay below 18550ish, give or take. medium-long term - Update from 2024-09-01: 4 Months left in 2024 and I do think the market is in a trading range where the upper area is around 19000 and the lower area is probably 17000 or 16000 if something bigger comes up. Since we are at the very top, I expect the market to go some sideways before trying to go down again. Next 2000 Points will be made to the downside but it’s too early to short this. current swing trade: Swing short since 18454 with SL 18600/18650. Will add higher if necessary. trade of the day: Buying 18400 was decent today. Bulls defended that price and market was two sided enough for a couple of scalps.
EUREX:FDXSU2024Short
by priceactiontds
2024-09-09 - priceactiontds - daily update - sp500Good Evening and I hope you are well. tl;dr Indexes - Green across the board. On the daily charts it’s mostly a small to normal bullish inside bar, so nothing to get excited about yet for the bulls. Tomorrow will be very important for the bears. If they fail to test the lows again or stop the pullback, many bears could give up and let the bulls test the highs again. In my weekly outlook I wrote that the 4h ema is currently the most important one and almost all markets respected it and closed below. Will look for early weakness and want to short for retest of the Friday lows. sp500 e-mini futures comment: Triangle is valid so far. Big red box is the open bear gap on the daily chart. 5500 would be a very good place for the bears to step in and make it resistance. I expect 5462 to be tested tomorrow and hopefully 5400 also. Odds favor the bears as long as we stay below 5540. current market cycle: trading range - if we drop below 5390, we are in a bear trend inside the big trading range. key levels: 5400 -5540 bull case: Bulls had a decent pullback today but it was still an inside bar. They need follow through and prices above 5540 to make more bears cover their shorts. Bulls had 3 good legs up today but bears were equally strong. Most of the move upwards was during the Globex session. Until bulls break strongly above 5500, they don’t have many arguments on their side. Invalidation is below 5460. bear case: Bears sold the rips today and kept the market mostly in balance around the open price 5462. They need to step in to keep the market below the current bear trend line and the 4h ema. Since we have formed a triangle, market is in balance between 5450-5500. The higher time frames support the bears for a second leg down. For tomorrow I expect the triangle to continue some more until we get a breakout and odds favor the bears. I think 5500 is a decent place to short with SL 5540 or 5560. Invalidation is above 5540. short term: Bearish as long as we stay below 5540. I want at least a retest of the lows 5400 but I hope for a bigger second leg down to 5000/5100. medium-long term - Update from 2024-09-01: Very much like my outlook in dax. Trading range on the daily chart and we are at the highs. We could make higher ones or not. Does not matter much. I expect 5000 to be hit again in 2024. current swing trade: Not yet. Will watch tomorrow’s price action and short on weakness. trade of the day: Longing 5450 was good all day and shorting above 5480. Looks way easier on the 15m tf than it was. Almost always is.
CME_MINI:MES1!
by priceactiontds
WTI continues to be under pressure, notable data this weekTVC:USOIL remains under pressure, after data showed weaker-than-expected US employment data in August, which was mixed with support from OPEC+ oil producers delaying supply increases. US government data showed job growth in August was lower than expected, but the unemployment rate fell to 4.2%, suggesting the Federal Reserve may not need to cut interest rates very significant this month. The U.S. Bureau of Labor Statistics said nonfarm payroll employment increased by 142,000 in August, less than expected to increase by 160,000. (July's increase was revised down to 89,000, the smallest increase since December 2020). As for the geopolitical situation, as the Israeli army battles Hamas-led rebels in the Palestinian Gaza Strip, medics said on Saturday that Israel's military assault on Gaza has killed at least at least 61 people in 48 hours. The warring parties continue to blame each other for the failure of mediators including Qatar, Egypt and the US to broker a ceasefire. The United States is preparing to present a new proposal, but the prospects for a breakthrough appear slim as the differences between the two sides remain wide. In general, there are still no notable new points regarding the geopolitical situation, so it will have less impact on the market than before. This week will release OPEC's monthly crude oil market report, EIA's monthly short-term energy outlook report and IEA's monthly crude oil market report, which are the focus of the US oil market. this week and the market will pay special attention to them. On the daily chart, TVC:USOIL still in a downtrend with technical conditions leaning towards the possibility of a price decrease. First, the long-term technical trend of WTI crude oil will be noticed by the price channel and the 21-day moving average (EMA21). Although WTI crude oil stopped falling after reaching the 1% trend-following Fibonacci extension that readers noticed in the previous issue, this is not a trending support so once WTI crude oil Breaking below the 66.96USD price point of the 1% Fibonacci will condition the price to continue falling. The next target level of WTI crude oil will be noticed at 64.55 – 63.66USD. As long as WTI crude oil remains in the price channel and below the EMA21, it still has a main bearish trend with notable technical levels listed below. Support: 66.96 – 64.55 – 63.66USD Resistance: 68.84 – 69.77USD
TVC:USOILShort
by Xayah_trading
USDJPY trending down, Yen supported by BOJ attitudeAlthough US non-farm data in August was not as expected. But the Bank of Japan has recently taken a hawkish stance on interest rate hikes, which has also significantly helped the yen's recovery. The U.S. Bureau of Labor Statistics said Friday that nonfarm payrolls increased by 142,000 jobs last month, while July's gain was revised down to 89,000. On the weekly chart of OANDA:USDJPY The downtrend still prevails but is temporarily limited by the technical level of 141,682. Note to readers in the previous issue for USD/JPY. Although USD/JPY is recovering, the weekly trend is being shaped by the price channel and once USD/JPY breaks below the 0.618% Fibonacci level it will be eligible to continue falling with the next target level being possible. can reach 134,526 price points of fibonancci 0.786%. As long as USD/JPY remains within the price channel and below the EMA21, the main outlook remains bearish and the recovery levels should only be considered a short-term technical correction. In addition, the confluence point between the upper edge of the price channel and the 0.50% Fibonacci level will be the current closest resistance. USD/JPY downtrend will have important positions in trading as follows. Support: 141,682 – 140,401 Resistance: 144,528 – 147,120
Short
by Xayah_trading