Technical Analysis by RoboForex

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Morning Call. Market Overview for 29.08.2016

The Big Picture:

The DAX traded up on Friday, gaining 0.55%.

Janet Yellen, the Chair of the US Fed, during her speech at Jackson Hole, signaled that rates would rise. No schedule for the rise was given. Her reasoning for this action, were the good climate in employment and rising US consumer spending. Concurrently, she also pointed to that further monetary action, will depend on coming economic data. Simply put, she communicated like a politician. Should the next economic data prove good, rates will rise. Should this not be the case, the decision will be postponed. In total, investors were not left any wiser than before the speech. There are opposing view on rates direction amongst the Fed´s board of Governors. In regards to the next Fed meeting in September, The possibility of a rate hike has risen from 20% to 30% on the CME, rising to 60% for December. The USD reacted very positively. This week`s ISM and employment data will be of importance.

DAX

The DAX is in an upward trend. Next resistance is seen at 10860, support at 10500.

http://www.roboforex.de/uploads/Images/Structure/analytics/morning-call/August/29/DAX.png

Euro / USD

The Euro is trading sideways in a large trend. Support is at 1,0822, resistance at 1,1429. Short term the Euro is in a downward trend.

http://www.roboforex.de/uploads/Images/Structure/analytics/morning-call/August/29/EUR.png

JPY / USD

Support at 100.31 has held. The Yen is in a downward trend.

http://www.roboforex.de/uploads/Images/Structure/analytics/morning-call/August/29/USD.png

Gold

Gold mid term, is now trending upwards, short term we are seeing a sideways move. The next major resistance is at 1375, support at 1300. Gold is showing some very short term weakness.

http://www.roboforex.de/uploads/Images/Structure/analytics/morning-call/August/29/GOLD.png

WTI Oil

Oil is trending upwards.

http://www.roboforex.de/uploads/Images/Structure/analytics/morning-call/August/29/WTI.png

Overnight:

The S&P 500 was slightly weaker on Thursday, dropping -0.16%. In early trading, US stocks rose on Wall Street. The reasoning was that pre publication of Janet Yellen`s speech contained no indication for the timing of the next rate rise. Prices dropped after the Fed´s Fischer commented, that he sees a more restrictive Fed monetary policy. Differing Fed governor´s points of view, will add volatility to the markets, in the coming weeks. The USD firmed up against the Euro and rose against the Yen, this trend continuing in to the new trading week. The Nikkei profited from the weak Yen, rising 2.38%. Other Asian stock are mostly weaker. Gold is trading lower and WTI Oil is weaker.

Today´s numbers (CET)

14:30 USA: Consumer Spending

Company news :

USA: Quarterly Earnings: No data expected.

RoboForex Analytical Department

Japanese Candlesticks Analysis 29.08.2016 (EUR/USD, USD/JPY)

EUR USD, “Euro vs. US Dollar”

At the H4 chart of EUR USD, Meeting Lines pattern indicates that the ascending correction continues. The upside Window provided resistance; the one in the middle may provide support. Three Line Break chart and Heiken Ashi candlesticks show a bearish direction.

http://www.roboforex.ru/files/analitics/07072016/2908eurusdh4.png

At the H1 chart of EUR USD, Hammer pattern indicates that the sideways correction continues. The downside Window is a support level. Three Line Break chart shows a bearish direction; Heiken Ashi candlesticks confirm a possible bullish pullback.

http://www.roboforex.ru/files/analitics/07072016/2908eurusdh1.png

USD JPY, “US Dollar vs. Japanese Yen”

At the H4 chart of USD JPY, the downside Window provided support. Engulfing Bullish pattern indicated an ascending movement. The Window in the middle was broken; it may provide support as well. Three Line Break chart and Heiken Ashi candlesticks show a bullish direction.

http://www.roboforex.ru/files/analitics/07072016/2908usdjpyh4.png

RoboForex Analytical Department