Forecasts & Analysis, Page

Based on last week’s price action and the close at .6425, the direction of the NZD/USD this week is likely to be determined by trader reaction to the downtrending Gann angle at .6391. This angle, moving down at a rate of .004 per week since the week-ending July 19, has

The Reserve Bank of Australia Monetary Policy Meeting Minutes will be featured on Tuesday. Traders will be looking for clues that could help them determine the frequency of future rate cuts by policymakers.

Powell will essentially have to talk tough in an effort to calm the financial markets. If he misses then he may actually trigger more volatility in the stock markets that could send investors back into the Japanese Yen for safety.

Gold could be under pressure this week if recession fears continue to subside. There aren’t many major economic events this week so if there is volatility, it will likely be fueled by unexpected events by China or the United States. The key market moving event could take place on Thursday

Traders are focusing on two things:  Possible OPEC production cuts and lower demand due to a weakening global economy. They don’t seem to be too worried about U.S. growth at this time. However, they are expressing concerns about the rising U.S. production.

The week will start with mixed weather conditions. NatGasWeather points out blistering conditions in Texas and out West, but cooler-trending weather outlooks for the rest of the country.

A mixed morning tests investor resolve as Bitcoin looks to avoid another heavy loss to limit the downside for the week. The bulls need $10,250.

Based on Friday’s price action and the close at 98.007, the direction of the September U.S. Dollar Index on Monday is likely to be determined by trader reaction to the short-term Fibonacci level at 98.045.

Based on Friday’s price action and the close at $1523.60, the direction of the December Comex gold futures market on Monday is likely to be determined by trader reaction to the 50% level at $1517.50.

On Friday, October WTI crude oil settled between a pair of 50% levels at $53.95 and $55.72. Since the trend is down, we’ll look at it from the short-side perspective. Based on the close at $54.81, the direction of the market on Monday is likely to be determined by trader

It’s another bearish start to the day for the majors. Heavy losses in the current week could test investor sentiment if key levels are not hit later this morning.

Based on Friday’s price action and the momentum into the close, the direction of the September E-mini S&P 500 Index on Monday is likely to be determined by trader reaction to the main 50% level at 2881.00.

Based on Friday’s price action and the close at 25907, the direction of the September E-mini Dow Jones Industrial Average on Monday is likely to be determined by trader reaction to the main 50% level at 26012.

Based on Friday’s price action and the close at 7611.75, the direction of the September E-mini NASDAQ-100 Index on Monday is likely to be determined by trader reaction to the intermediate 50% level at 7638.25.

Based on Friday’s price action and the close at 1.1090, the direction of the EUR/USD on Monday is likely to be determined by trader reaction to the short-term Fibonacci level at 1.1112.

Based on last week’s price action and the close at $57.67, the direction of the December Brent crude oil market on Monday is likely to be determined by trader reaction to the minor pivot at $57.97.

Based on last week’s price action and the close at 106.323, the direction of the USD/JPY on Monday is likely to be determined by trader reaction to the minor pivot at 106.013.

Based on last week’s price action and the close at .6425, the direction of the NZD/USD on Monday is likely to be determined by trader reaction to the pivot at .6483.

It’s back into the red for the majors. Minor losses and hold onto current levels would support a rebound later in the day.

The main trend is up according to the daily swing chart. A trade through 98.700 will signal a resumption of the uptrend. A move through 96.980 will change the main trend to down.