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Trading plan for 28/08/2017:
The EUR/USD moved out from the trading range of 1.1680 - 1.1850 and currently is trading over 1.1900 level. Already in today's Asian session, the rate set a new local high of 1.1950. USD/JPY defends the level of 109.00, the GB/ USD is unable to hold above 1.2900. NZD/USD can not hit 0.7250 and AUD/USD - 0.7950. On the Asian markets mixed moods. The Nikkei 225 oscillates around the Friday close, Shanghai Composite and Hang Seng grow 0.9% and 0.5%.
On Monday 28th of August, the event calendar is light in economic releases. The market participants will keep an eye only on Money Supply data from the Eurozone and Goods Trade Balance from the US.
EUR/USD analysis for 28/08/2017:
The Money Supply and Private Sector Loans data from the Eurozone are scheduled for release at 08:00 am GMT. The market participants expect the supply of all currency in circulation, bank deposits, repurchase agreements, debt securities up to 2 years, and the value of money market shares to decrease from 5.0% to 4.9% on yearly basis. But that's still in line with relatively steady pace in recent months, which implies that the central bank is using a 5% trend as a rough target. The gauge of money supply, which has been trending up this year, increased 9.7% in June vs. the year-earlier level. This is a moderately faster increase vs. the recent low of 8% as of last October. Another rise would strengthen expectations that the ECB will maintain its aggressive stimulus policies for the near term and move away from the possibility of a rate hike.
Let's now take a look at the EUR/USD technical picture at the H4 time frame. The round number of 1.2000 attracts the price like a magnet and this level might be hit before any meaningful corrective cycle will occur. Currently, the technical support is seen at the level of 1.1908. The market conditions are starting to look overbought at this time frame, but the momentum indicator still points out to the north. No signs of a bearish divergence yet.
Market Snapshot: USD/JPY range get tighter
The price of USD/JPY is now trading in a tight range between the levels of 109.84 - 108.79. The lower level of the range is the important technical support as any violation of this level will open the road towards the support at the level of 108.07. On the other hand, a breakout above the level of 109.84 will put the local lower high at the level of 111.00 for a test.
Market Snapshot: Gold breaks through the resistance
The price of Gold has broken through a key resistance at $1296, where the highs established in April and June of this year fell. The permanent closure of the daily candle above this level will open the road to significantly higher levels. The next barrier for the bulls will be the level of $1320 as an external projection of the Fibonacci 127% level. It is worth to pay attention to a round number of $1300, although it should not stop the growth for a long time. Support is a short-term upward trend line at $ 1290.
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