Articles
USD/CAD to extend its decline towards the 1.2420 July low – Commerzbank
165178 August 31, 2021 21:17 FXStreet Market News
USD/CAD recently failed at the 1.2950/60 pivot. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, looks for further losses to 1.2516/1.2420 and potentially the low 1.20 region.
The short-term uptrend has been eroded
“The sell-off has eroded the two-month uptrend. The 55-day ma and late July low at 1.2516/1.2420, are exposed.”
“Failure at the 1.2516/1.2420 area is expected and will re-target the 1.2005 May low.”
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Gold Price Analysis: XAU/USD levels to watch after the correction – Confluence Detector
165176 August 31, 2021 21:17 FXStreet Market News
Every trend has a countertrend – and the same goes for gold, which has significantly benefited from the Federal Reserve’s dovish stance. However, bulls take profits on both XAU/USD longs and dollar shorts. As August draws to an end, money managers are adjusting their portfolios and rebalancing their books, causing jitters in the markets.
The next substantial market mover is Nonfarm Payrolls due out only on Friday. However, investors are still not focusing on that, and technicals may have a more significant impact on the precious metal. How is gold positioned on the charts?
The Technical Confluences Detector is showing that XAU/USD has some support at $1,809, which is the convergence of the Fibonacci 23.6% one-week, and the all-important 200-day Simple Moving Average.
An even more considerable cushion awaits at $1,805, which is a juncture including the Pivot Point one-day Support 1, the Fibonacci 38.2% one-week, and the 5-day SMA.
Initial resistance is at $1,814, which is a dense cluster of lines including the Fibonacci 38.2% one day, the Bollinger Band 15min-Middle, and the SMA 50-15m.
Once the dust settles and September begins, the upside target is $1,834, which is where the previous month’s high and the Fibonacci 161.8% one-day converge.
XAU/USD resistance and support levels
Confluence Detector
The Confluence Detector finds exciting opportunities using Technical Confluences. The TC is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.
Learn more about Technical Confluence
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Canada Gross Domestic Product Annualized (QoQ) came in at -1.1%, below expectations (2.5%) in 2Q
165175 August 31, 2021 21:09 FXStreet Market News
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If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
US June Case-Shiller 20-city price index 19.1% y/y vs +18.5% expected
165174 August 31, 2021 21:05 Forexlive Latest News Market News
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ADVISORY WARNING: FOREXLIVE™ provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect’s individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE™ specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results.
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EUR/USD to see a deeper recovery on a close above 55-DMA at 1.1821 – Credit Suisse
165173 August 31, 2021 21:05 FXStreet Market News
EUR/USD has broken above the 1.1806 high and is testing 55-day average resistance at 1.1821. Only a close above here would open up a move back to 1.1894/1.1910, the Credit Suisse analyst team reports.
See: EUR/USD to edge higher towards 1.1905 driven by bullish descending wedge pattern – DBS Bank
Short-term support is seen at 1.1782
“EUR/USD risks a deeper than expected correction higher. However only a close above the 55-day average at 1.1821 would confirm a deeper recovery to 1.1852/58 next, then the 38.2% retracement and July high at 1.1894/1.1910.”
First support moves to 1.1782, below which on the back of a close below the 55-day average would mark a short-term failure.”
“Below the 1.1734/26 ‘outside day’ low would then see the immediate risk turn lower again, with scope for a move back to the major 1.1695 support and recent 1.1663 low.”
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Canada Gross Domestic Product (MoM) meets expectations (0.7%) in June
165172 August 31, 2021 21:05 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
US June FHFA house price index 18.8% y/y vs 18.0% prior
165171 August 31, 2021 21:02 Forexlive Latest News Market News
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
ADVISORY WARNING: FOREXLIVE™ provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect’s individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE™ specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results.
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Brazil Nominal Budget Balance: -55.403B (July) vs -75.6B
165170 August 31, 2021 21:02 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Brazil Primary Budget Surplus below forecasts (-6.65B) in July: Actual (-10.283B)
165169 August 31, 2021 21:02 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
USD/CAD rebounds from two-week lows, retakes 1.2600 mark post-Canadian GDP
165168 August 31, 2021 20:56 FXStreet Market News
- A combination of factors assisted USD/CAD to reverse an intraday dip to the 1.2570 region.
- Sliding oil prices, dismal Canadian GDP print undermined the loonie and remained support.
- Sustained USD selling bias warrants some caution before positioning for any further gains.
The USD/CAD pair recovered around 35-40 pips from two-week lows and climbed back above to the 1.2600 mark during the early North American session.
The pair remained on the defensive for the third consecutive session on Tuesday and was pressured by the prevalent selling bias surrounding the US dollar. Uncertainty over the likely timing of the Fed’s taper plan, along with fading hopes for an early lift-off kept the USD bulls on the defensive.
Even rebounding US Treasury bond yields and a turnaround in the equity markets failed to provide any respite to the safe-haven greenback. That said, retreating crude oil prices – now down over 1% for the day – undermined the commodity-linked loonie and helped limit losses for the USD/CAD pair.
Apart from this, the Canadian dollar was further weighed down by disappointing GDP report. Data published by Statistics Canada revealed that the economy contracted by 1.1% during the second quarter of 2021 as against market expectations for a 2.5% growth and 5.5% rise in the previous quarter.
Despite the intraday bounce, the USD/CAD pair lacked bullish conviction. This, in turn, makes it prudent to wait for some strong follow-through buying before confirming that the recent pullback from YTD lows has run its course and positioning for any meaningful gains for the USD/CAD pair.
Technical levels to watch
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Canada: Real GDP expands by 0.7% in June as expected
165167 August 31, 2021 20:56 FXStreet Market News
- Canada’s GDP grew by 1.1% on a monthly basis in June.
- USD/CAD is edging higher toward 1.2600 after the GDP report.
Canada’s Real Gross Domestic Product (GDP) expanded at a monthly rate of 0.7% in June, the data published by Statistics Canada showed on Tuesday. This reading came in line with the market expectation.
Further details of the report revealed that the annualized GDP contracted by 1.1% in the second quarter, missing analysts’ estimate for a growth of 2.5% by a wide margin.
Market reaction
The USD/CAD edged higher following this report and was last seen trading at 1.2592, losing 0.07% on a daily basis.
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1153 | -0.329% | GBPJPY NASDAQ
164648 August 31, 2021 20:48 SwingFish Trading Room Journal GBPJPY • NASDAQ
| EU Events | German Unemployment [EUR], GDP Growth [EUR-IT] |
| US Events | GDP Growth [CAD], Consumer Confidence [USD] |
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