The USD/JPY pair trading in descending triangle pattern on a 30 minute time frame. Historically speaking, these patterns in a side way market usually breaks towards the downside. The yellow rectangles on the chart shows the projection of this triangle. The volatility for the pair is low as the price is trading near its 20 day moving average and within the Bollinger band.
اقرأ المزيدMark carney’s comments have pushed the GBP higher against its major currency pairs. His confirmation that there may not be any need for further quantitative to spur the growth for the sterling economy was perceived as a positive sentiment for Sterling. However, he is keeping his options open to ignite the burner of the quantitative easing, if the economy shows any sign of slow down.
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Fundamental Analysis
The precious metal is moving higher today as we are seeing traders closing their bearish bets and positioning themselves for the US government shutdown. While the US politician continue to battle for their grounds on debt ceiling, the volatility for the precious is increasing. If the situation continues like this, we could very well see a government shutdown in the US which could be reflected in higher gold prices.
Technical Analysis
Focus: The precious metal needs to stay above the $1300 psychological level to confirm the uptrend. A break below the 1291 support area could open the floor toward the next target of $1249.
اقرأ المزيدThe precious metal is winging between gains and losses as investors are apprehensive that the Federal Reserve bank will put the lid on their ultra loose monetary policy. The short term blip in the gold price which we saw last week has faded and the bias could be to the downside as the entire focus amid traders is on the Fed’s money printing machine which could be slowing its pace very soon.
Focus: The precious metal needs to stay above the $1300 psychological level to confirm the uptrend. A break below the 1291 support area could open the floor toward the next target of $1249.
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Apple bounced from its support zone on a 30 minute time frame as predicted. This support zone was given in our analysis on 11th of September. The price has not completed its gap which was formed yesterday and it may continue its upward move today as buyers are still very much in control of the price. The uptrend is still in very much in play as the price is trading well above its upward trend line. The minor resistance mentioned below (504-514) may not hold any further because this will be the third time the price visiting this level therefore, there may not be enough selling pressure to hold the bulls.
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