A day before, the ECB Meeting minutes recorded that the estimate for the economy persists weaker and additional stimulus would begin as early as in September. Greenback had secured a choppy performance on Thursday, and same continues for Friday as it remaining within 98.14/98.38 range levels.

Summer vacations are causing a lack of volatility in the market, which is why we aren’t seeing trendy trades. However, we may experience some movement on the back of economic events. Brace yourself.

Economic Calendar – Fed Chair Powell Speaks in Highlights

Today, the market prepares to trade major events like Canadian Core Retail Sales m/m, Fed Chair Powell Speaks and Jackson Hole Symposium.


BTC/USD – Daily Forecast

Bitcoin price on is trading in negative territory, nursing steep losses of some 7% in the session. The bear market continues to drag prices down across the board, with a lack of slowdown in sight. Now if the trend is to turn down the 9467.57 low will be a major level as a break would make a lower high followed by a lower wave low.

Technically, the BTC/USD is facing double bottom support around 9,780. We may see bullish correction until 10,200, but chances of a bearish breakout look dominant. Closing of more candles above 9,780 will trigger buying, and closing of candles below 9,780 can lead BTC/USD towards 9,400.

All the best and have a profitable day!


EUR/USD – ECB Meeting Minutes Fails to Surprise

The EUR/USD was almost near its opening mark as the day was approached to closing, having maintained the narrow trading range of 1.1115 – 1.1070.

The technical indicators like RSI and stochastics were most muted near 40 marks, displaying impartial buyer interest. The major downside began as counterpart Sterling surged amid positive Brexit updates. Anyways, the economic calendar for Eurozone remained positive on the backdrop of upbeat economic data releases.

German August Markit Manufacturing PMI released at 43.6 points, which is better than 43.0 market forecasts. Moreover, August Eurozone Markit PMI Composite registered 1.17% over the 51.2 points consensus estimates.


Despite diverse FOMC report, the EUR/USD pair managed to maintain its sideways range of 1.1115 – 1.1070. Despite the fact, investors found a solid reason to go long on the EUR/USD, especially on better than expected PMI figures.

Friday marks the 7th consecutive day; the EUR/USD continues to consolidate in a narrow trading range of 1.1115 to 1.1065. While the risk continues for the downside, let’s keep an eye on 1.1065 as a violation of this level can bring us sharp sell-off until 1.1035 in an immediate reaction. While a bullish breakout at 1.1115 can extend bullish trend until 1.1160.

EUR/USD – Daily Technical Levels

Support Resistance

1.1118   1.1178

1.1094   1.1215

1.1034   1.1275

Pivot Point 1.1154

EUR/USD – Daily Forecast

I’m looking to stick with the same old plan of doing choppy trading by staying bearish below 1.1115 to target 1.1060 support areas. Below this, the EUR/USD can extend bearish rally until 1.1030 today. On the flip side, buying is preferred near 1.1030 on the lower side or 1.1120 in case of a bullish breakout.

GBP/USD – Fibonacci Retracement In-Play

Sterling traded exactly in line with our forecast, adding more than 80 pips profit. A day before, the GBP/USD remained the best performer for the day amid positive news on Brexit front. Quite distinctly, the GBP/USD pair had previously made a higher drift, passing above the moving average and triple top resistance area of 1.2180.

Previously, German Chancellor Angela Merkel had supplied Britain 30-days time to come up with a resolution for the Irish Backstop. Nevertheless, today, Merkel explained that she desired to highlight “shorter time” by stating 30-days.


At the moment, the overbought Sterling is likely to retrace back up to 1.2200, the 38.2% Fibonacci retracement level. Below this, the GBP/USD may find support around 1.2190, 50% and 1.2170, 61.8% Fibo levels.

 GBP/USD – Daily Technical Levels

Support Resistance

1.2148 1.2314

1.2046 1.2376

1.1881 1.2541

Pivot Point 1.2211

GBP/USD – Daily Forecast

I will be looking to stay bullish above 1.2200 with a target of 1.2235and 1.2265 on the upper side.

Gold – Sideways Range Intact, Gold Going Nowhere

Gold prices slipped on Friday but held near the key $1,500 level amid trade uncertainties and ahead of U.S. Fed chair’s speech for clues on future rate cuts. Concerns mounted that major markets could tip into recession, boosting investors’ association for risk and decreasing from bullion’s safe-haven appeal.

Earlier today, the yellow metal continued to trade sideways, within a narrow trading range of around 1502 – 1494 as risk-on sentiments play. Gold’s immediate support stays at 1,494 and 1,489 the violation of these levels can expose gold towards 1,470 area. On the other hand, gold is likely to face resistance around 1,508 and 1,517.

Gold – Daily Technical Levels

Support Resistance

1491.87 1504.06

1486.11 1510.49

1473.92 1522.68

Pivot Point 1498.3

Gold – Daily Forecast

Gold is likely to stay bearish below 1,499/1,500 with an immediate target of 1,494 and 1,489. I may look for bullish entry above 1,489 but again it depends on upon Fed Chair Powel speech during the New York session today.

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