Financial Markets Online > Weekly Analysis > Weekly Analysis 2nd September 2019

GBPUSD

  • Buyers attempted to break above the 4HR 200 SMA several times and failed.
  • COT data remains ultra-bullish and is set up for a massive short squeeze.
  • Look for buy setups should price clean break into the blue zone.
  • There is a potential for a move back down to the August swing low before a strong push up from buyers.

USDCAD

  • The Loonie continued to stay below the Monthly R2 pivot.
  • Seasonally we see a CAD bounce from now till Mid – September. A clean break below 1.3220 could open up to more downside.
  • There is still a possibility of a strong push up by buyers into the blue before a quick turnaround to the downside.
  • BOC rate statement is scheduled for this Wednesday so we might not see much movement till then.

 

GBPJPY

  • GBP and JPY are at opposite ends of the COT data spectrum.
  • Seasonally we see a strong bounce at the beginning of September.
  • Price is at strong trendline support.
  • Look for either a drop down to the previous daily low and trendline support before a strong push up or wait for price to clean break into the blue zone before looking to buy.

 

GOLD

  • After hitting strong resistance, sellers are starting to take over.
  • Look for intraday sell opportunities keeping note of support levels marked on the chart.

Watchlist

  • Look for ways to sell Dollar should price remain below the August 2019 swing high level.
  • Sell Gold.
  • Buy Equities.
  • Sell JPY.
  • Sell EURAUD, EURNZD and EURCAD.
  • Buy EURCHF, AUDCHF and NZDCHF.
  • Sell AUDNZD.

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