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25 Aug 2016
By Mauro Fellner
Cable above 1.32, Gold drops
USDJPY trades at 100.40. A step above the 100.93 (August 22nd high) could trigger a move towards 101.45 resistance (August 15th high), 102.65 (August 8th high), and the 103.25 (50-day moving average). Clearing the critical 100.00 support could cause a drop to 99.53 (August 16th low) and 98.99 (June 24th low).
After a three-day winning streak, Cable consolidates gains on Thursday morning. GBPUSD is expected to rise towards 1.3370 resistance (August 3rd high), before the 1.3500 mark. Support is provided at 1.3136 (50-day moving average), if broken, could cause a further sell-off to 1.3030/1.3000 (August 21st low).
The Aussie recovers against the US dollar. The next resistance is seen at 0.7654 (August 23rd high), above which the pair could rise to 0.77 mark, before 0.7755 (August 10th high) and 0.7834 to (April 21st high). Breaking below the 0.7596 (50-day moving average), the pair is expected to drop to 0.7500 then 0.7460 (100-day moving average).
Gold broke the 50-day moving average to the downside, after a four-day losing streak. Currently, the yellow metal is attempting a bounce to $1325. A step above the $1333 resistance (50-day moving average) could encourage a further rise to 1358 (August 16th high) and towards $1374 (July 11th high), before $1400. A break below the 1310/1300/1295 (July 12th low, and 100-day moving average), is likely to cause a drop towards $1250 (June 24th low).
Higher US oil inventories (actual +2.5M barrels against -0.5M barrels expected) weighed on oil yesterday. All eyes are on the Jackson Hole Symposium starting today. WTI is trading on the sidelines right below the $47 a barrel. Surpassing the $47.23 (200-hour moving average), it could gain momentum to $48.29 (August 23rd high), then towards $50 a barrel.
The information and comments provided herein under no circumstances are to be considered an offer or solicitation to invest and nothing herein should be construed as investment advice. The information provided is believed to be accurate at the date the information is produced. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please note that 71% of our retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing money.
