(time / country / index / period / previous value / forecast) 00:30 Australia MI Inflation Gauge, m/m July 0.6% 01:00 Australia HIA New Home Sales, m/m June -4.4% 01:00 China Manufacturing PMI July 50 50 01:00 China Non-Manufacturing PMI July…
At H1 chart, USDX is still weak and it’s doing a bearish consolidation below the 200 SMA. Currently, the Index is being supported by the 95.51 level, where a rebound can happen to reduce the oversold levels that are showing the oscillators, especially …
The resistance zone of 1.3266 is still there and trying to push lower the pair to re-test the 200 SMA at H1 chart. However, we’re still favouring the bullish bias on a short-term basis, because of the US dollar’s weakness and eventually, GBP/USD can do…
Monthly: growth without active ADX. This could mean a lack of bullish potential.
Weekly: an ambiguous picture. Bollinger bands are curved with the northern orientation, whereas ADX/RSI can be treated in favor of the opposite direction.
Daily: local resistance is at 2203.1 (upper Bollinger band), support is at 2141.9 (middle band)
Expectations: surge to 2203.1 followed by correction to 2141.9.
1. Buy to 2203.1
2. Sale from 2203.1 to 2141.9
Monthly: So far, the trend on oil is unchangeable: drop in the direction of 28.69 (the bottom Bollinger band). This support is dynamic, so it can be higher.
Weekly: a better shaped support is at 37.59 (the bottom Bollinger band).
Daily: a local downward trend. Resistance is at the middle Bollinger band (46.89)
The main scenario – drop in the direction of 37.59
The alternative scenario – a pullback to 46.89 followed by start of another drop to 37.59
Solutions: Sell to 37.59
Monthly: bulls have utterly and completely grasped the initiative, in the medium and long run we need to look into entries points to purchases with growth potential by more than $250 per ounce.
Weekly: active phase of ADX is also in favor of bullish preparation. Support is around the middle band (1275.21)
Daily: a better shaped support is at 37.59 (the middle Bollinger band)
The main scenario – start of growth in the direction of 1400.00
The alternative scenario – touch of 1285.00, then a pullback towards 1339.02
Solutions: purchase from 1339.02 to 1400.00 (in the medium run)