Market Reviews of the Previous Day:
During NY session on 1, the euro fell against the major currencies, being affected by the data which show that manufacturing activities in most of the Eurozone countries reduced. The key U.S. employment report released on 2 may increase the market concern on recession.
The Euro against the dollar hit the low level in the recent three weeks. It also fell against the yen and dropped by 2% against Swiss franc.
Foreign exchange market basically continued the previous technical trend. There are still many uncertainties in the future. The recent wide range oscillation and fluctuation remained.
September 1, due to the U.S. economic data stronger than expected and the strong dollar, market participants do not want to trade in a large-scale before the release of the payroll data. Oscillation in the narrow range remained in short-term, and it lacked the direction. Investors will focus on Friday's payroll data. If the data is not satisfactory, it will further increase the possibility of launching QE3.
Key Economic Data and Events:
GMT+8 20:30 US Non-agricultural Employment (August);
GMT+8 20:30 US Unemployment Rate (August).
Gold:
Gold opened at 1824.80 USD on 1 September, with intra-day Low at 1814.90 USD and intra-day High at 1830.43 USD, eventually closing at 1826.15 USD. Intra-day range of 15.53 USD was seen.
Please note that the long period choppy consolidation may have reverse movement, enlarging the range of retreat.
The current long period of the uptrend is perfect. It turned to significant adjustment in the mid-term. The adjustment of up movement from July 1at least takes one month.
After the overall pattern is confirmed, we can observe the formation of the partial adjustment, in order to facilitate the prediction of continuity and movement.
Trading suggestions:
Combing the areas of upward breakthrough and retreat, it is predicted that the oscillation range is 1860-1780. Range trading could be considered.
During NY session on 1, the euro fell against the major currencies, being affected by the data which show that manufacturing activities in most of the Eurozone countries reduced. The key U.S. employment report released on 2 may increase the market concern on recession.
The Euro against the dollar hit the low level in the recent three weeks. It also fell against the yen and dropped by 2% against Swiss franc.
Foreign exchange market basically continued the previous technical trend. There are still many uncertainties in the future. The recent wide range oscillation and fluctuation remained.
September 1, due to the U.S. economic data stronger than expected and the strong dollar, market participants do not want to trade in a large-scale before the release of the payroll data. Oscillation in the narrow range remained in short-term, and it lacked the direction. Investors will focus on Friday's payroll data. If the data is not satisfactory, it will further increase the possibility of launching QE3.
Key Economic Data and Events:
GMT+8 20:30 US Non-agricultural Employment (August);
GMT+8 20:30 US Unemployment Rate (August).
Gold:
Gold opened at 1824.80 USD on 1 September, with intra-day Low at 1814.90 USD and intra-day High at 1830.43 USD, eventually closing at 1826.15 USD. Intra-day range of 15.53 USD was seen.
Gold oscillated slightly overnight. The choppy consolidation in narrow range continued in short-term. Market direction was not determined yet.
Observed from the partial momentum and the potential structure, gold moved slightly upward, but it needs stronger momentum. Once breaking upward, the potential target will be near 1855-1860 USD.Please note that the long period choppy consolidation may have reverse movement, enlarging the range of retreat.
The current long period of the uptrend is perfect. It turned to significant adjustment in the mid-term. The adjustment of up movement from July 1at least takes one month.
After the overall pattern is confirmed, we can observe the formation of the partial adjustment, in order to facilitate the prediction of continuity and movement.
Trading suggestions:
Combing the areas of upward breakthrough and retreat, it is predicted that the oscillation range is 1860-1780. Range trading could be considered.
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