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Technical Outlook September 2, 2016

02 September 2016
EURUSD

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We recommended opening short positions from the balance line. Those trades could bring you some profit as EUR/USD moved down for about 300 pips. However, those who did not fix those positions later had losses as the currency pair went upwards after ISM Manufacturing PMI. This data was worse than expected as US manufacturing sector went down below 50 points. Today the US Labor Market data is to be released. We advise to pay particular attention to it especially to Non-Farm Payrolls. This data may have significant impact on further EUR/USD dynamics.

There is the uptrend on the Weekly chart as the price is above the MA55. There is a pattern on the chart indicating on the probability of further downside tendency. The growth towards 1,15000 is still questionable.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. We advise to take any trading decision right after the release of the important US Labor Market data.



GBPUSD

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UK data is still positive giving support to the currency pair. The results of the Brexit Referendum have almost no impact on the market. Manufacturing PMI had a sharp growth to 53,3 points. Bloomberg experts expected this macroeconomic indicator to raise to 49,1 from 48,3. GBP/USD went upwards to the upper side of the MA-channel. However, it is better to wait until the release of the US Labor Market data to forecast further fluctuations.

There is the downtrend on the Weekly chart as the price is below the MA55. There was no decline below 1,30000. We expected it to happen this week. However, after yesterday’s strong UK Manufacturing PMI data it is questionable whether GBP/USD is still able to go below that level.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. It is better to take any trading decision after the release of the US Labor Market data.



AUDUSD

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AUD/USD was in correction yesterday. Everything was according to our expectations. However, we have seen some growth in the second half of the day because of a weak US Manufacturing data. We advise to avoid trading before the release of the US Labor Market data. Those who like extreme trading may open positions right after Non-Farm Payrolls as the volatility may raise significantly.

There is the uptrend on the Weekly chart as the price is above the MA55. The currency pair went downwards according to our expectations targeting 0,7150. Everything will depend on today’s US Labor Market data.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55. We advise to take any trading decision after the release of the US Labor Market data.



USDCHF

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USD/CHF had an upside momentum and then went down forming the outside bar on the Daily chart. The currency pair is ready to decline according to the technical analysis. However, it is better to wait until the release of the US Labor Market data as it may reverse the market in any direction. The impact of this macroeconomic indicator is always strong.

There is no trend on the Weekly chart as the price is fluctuating around the MA55. USD/CHF may go towards 0,99500 this week. This may happen if US Labor Market data is better than expected.

There is the downtrend on the Hourly chart as the MA-channel looks downwards and the price is below the MA55. We advise to avoid trading before today’s release of the US Labor Market data which may lead USD/CHF to any direction.

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