EUR/USD: Trying To Close The Gap
Olimpiu Tuns | Aug 28, 2014 05:52AM ET
Gold: tested the support
We have a triangle on Daily chart, this week the price has tested the ascending trendline (triagle support) and now stands above the 38,2% retracement level. Everyone is waiting for today's key data from United States. Gold is under selling pressure after the Janet Yellen said that the FED could rise the interest rate in 2015 or sooner. In 2014 we didn't have a clear direction on Gold price, the movement was more like a consolidation. We can talk about Gold's outlook when the price will be out of this triangle.
EUR/USD: trying to close the gap.
The price has pierced the descending trendline, now is testing the previous resistance. This pair retested the 1,3218 - 1,3221 level but now is a good opportunity to break above this resistance area and to close the gap. If the price will go above 1,3221 the the next target will be at 1,3243 or higher at 1,3297 and 1,3348. All the eyes are on U.S. data, we have Preliminary GDP, Unemployment Claims and Pending Home Sales. This morning we had Spanish Flash CPI, this indicator falls to -0,5% from -0,3%. German Unemployment Change rose from -12k to 2k, is slightly worse than the forecast of -5K. If the U.S. data will have negative aspects then the EUR/USD will grow on short term. Stochastic is oversold.
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