Intraday Technical Analysis 31 Aug

The U.S. dollar was seen posting a recovery on Thursday. The currency gained amid economic data from U.S. showed that the core PCE price index increased 0.2% on the month. Personal spending data showed a 0.4% increase as expected while personal income increased 0.3% matching estimates.

Data from Canada showed that the monthly GDP numbers stayed flat. This missed estimates of a 0.1% that was forecast.

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Looking ahead, the economic data for the day will see the release of the German retail sales for the month. Retail sales are forecast to fall 0.2%.

The Eurozone’s flash inflation estimates are due later in the day. Headline inflation is forecast to rise 2.1%, the same pace as the previous month. Core inflation is also expected to rise 1.1%, rising at the same pace as the month before.

The NY trading session is relatively quiet with only the Chicago PMI expected to slip to 63.0.

 

EURUSD intra-day analysis

EURUSD

EURUSD (1.1664): The euro currency closed with a bearish engulfing candlestick on Thursday. This comes after the common currency posted a strong rally over the past few weeks. Price action remains trading just below the main daily resistance level of 1.1730. On the 4-hour chart, price action is consolidating around the 20-period EMA. The immediate support is seen at 1.1626 which could be tested in the near term. A break down below this level could however send the EURUSD lower toward 1.1540 support.

 

GBPUSD intra-day analysis

GBPUSD

GBPUSD (1.3007): The GBPUSD was seen easing back from the strong bullish momentum from Wednesday. Price action is currently trading flat on the 4-hour chart. There is scope for the GBPUSD to retrace the gains back to 1.2928 level to establish support. A retest of this level could renew the bullish momentum as GBPUSD is on track for targeting 1.3205 resistance.

 

XAUUSD intra-day analysis

XAUUSD

XAUUSD (1204.08): Gold prices were seen correcting to the downside after the previous rally saw price rising to a three week high. The retest of the support at 1197.50 indicates a potential reversal that could likely happen. The next main target to the upside is 1219.75 resistance. To the downside, in the event that the support gives way, gold prices could extend lower toward the 1180.25 level.

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About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.”
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