Daily Price Outlook

The AUD/USD pair is demonstrating resilience around the 0.6400 juncture, initiating the session with an ascendant bias. It is attempting to distance itself from this benchmark, gearing up for a potential bullish surge with a tentative target in the vicinity of 0.6545.

Our analysis postulates a bullish orientation for today, corroborated by auspicious indications from the stochastic oscillator. Transcending the 0.6450 marker could further facilitate this upward trajectory. Conversely, any decline below the 0.6400 level might disrupt this bullish thesis, potentially reverting the pair to its prevailing bearish trend. For the day, we forecast a trading range delineated by a support level at 0.6380 and a resistance point at 0.6480.

AUD/USD - Trade Idea

Entry Price – Buy Above 0.64058

Take Profit – 0.64876

Stop Loss – 0.63575

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$818/ -$483

Profit & Loss Per Micro Lot = +$81/ -$48

Daily Price Outlook

The EURUSD currency pair currently hovers around the 1.0785 mark. It's observed that the stochastic exhibits a measured waning of its bullish momentum, concurrently with the EMA50 exerting downward pressure on the pair.

Considering these indicators, there's a heightened propensity for the pair to revert to its overarching bearish trajectory, as delineated within the bearish channel depicted on the chart. A definitive breach below the current level could signal a trajectory towards the 1.0700 benchmark. Conversely, surpassing the 1.0835 threshold might catalyze intraday advancements, with a potential aim to approach the 1.0880 mark before any subsequent retracements.

For today, the anticipated trading range is set between the 1.0720 support and 1.0880 resistance levels.

EUR/USD - Trade Idea

Entry Price – Buy Above 1.08033

Take Profit – 1.08406

Stop Loss – 1.07726

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$373/ -$307

Profit & Loss Per Micro Lot = +$37/ -$30

Daily Price Outlook

The USD/JPY pair experienced a notable upward surge in the previous session, surpassing the 145.00 mark and currently reaching the 146.00 barrier. This movement has effectively halted the corrective bearish scenario, revitalizing the prospect of the primary bullish trend. The focus now shifts towards testing the recently established peak at 146.55, marking a forthcoming target. It is worth highlighting that a successful breach of this level would propel the price further, aiming for extended gains at 147.00 followed by 147.90.

Hence, the prevailing sentiment remains inclined towards a bullish bias today. However, it's crucial to acknowledge that a failure to surpass the 146.25 threshold could prompt a decline. This scenario could materialize after the formation of a third lower high, potentially guiding the price back to the corrective bearish trajectory.

The projected trading range for the current session is bounded by the support level at 145.30 and the resistance at 147.00.

Overall, the anticipated trend for today is bullish, but bearish below 146.500.

USD/JPY - Trade Idea

Entry Price – Sell Below 146.436

Take Profit – 145.524

Stop Loss – 146.836

Risk to Reward – 1: 2.2

Profit & Loss Per Standard Lot = +$912/ -$400

Profit & Loss Per Micro Lot = +$91/ -$40

Daily Price Outlook

Examining the technical aspects of the S&P 500, it's evident that the index has encountered resistance around the 4450 level, leading to a consolidative phase. Looking ahead, the potential scenario for the S&P 500 involves a potential decline towards the next support level at 4339. This level gains significance from its previous role as support on August 18th.

Should the S&P 500 breach the aforementioned support, the subsequent support level is anticipated at 4460, followed by a deeper support around 4170. On the flip side, if the S&P 500 manages to overcome the 4450 level, it would likely encounter immediate resistance around 4525, with further resistance extending beyond that, targeting the 4600 level.

Simultaneously, observing the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators, both indicators are situated within the sell zone. This, in conjunction with the 50-day Exponential Moving Average (EMA) also residing in the sell zone, suggests that the bearish momentum remains robust.

Given this analysis, it's prudent to focus on the 4450 level. A break below this level could trigger selling positions, particularly considering the significant distance from this point. Additionally, keeping an eye on the psychological resistance level of 4400 is recommended, as breaching this level could potentially push the S&P 500 further downwards, targeting the 4339 level. Further developments should be closely monitored, especially if a break below 4339 occurs, as this could lead to a subsequent target of 4265.

S&P500 (SPX) - Trade Idea 

Entry Price – Sell Below 4403

Take Profit – 4336

Stop Loss – 4468

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$670/ -$650

Profit & Loss Per Micro Lot = +$67/ -$65

Daily Price Outlook

The global market sentiment is cautious due to upcoming speeches by leading central bankers at the Jackson Hole Symposium. Meanwhile, the lack of key data in Asia and mixed feelings about major economies also contribute to the sluggish mood. As in result, the S&P500 Futures showed a slight drop around 4,385, while US 10-year Treasury bond yields bounce back from the weekly low, up by 2 basis points to 4.25% from the previous day's fall.

Global Market Sentiment Affected by Strong US Dollar and Concerns Over China

Furthermore, the broad-based US dollar hit an 11-week high, while Gold Price saw mild losses but is heading for its first weekly gain in five weeks. In the Asia-Pacific region, stocks followed Wall Street's downward trend, reflecting concerns about China. This was fueled by upbeat US Durable Goods Orders for July and robust mid-tier economic data, which kept the Federal Reserve in a hawkish stance, dampening market sentiment.

Moroever, the fading optimism about US-China relations added to worries as China's Commerce Ministry expressed concerns about trade matters and called for increased credit to businesses. Meanwhile, the prospect of US arms sales to Taiwan raised geopolitical tension ahead of the US Commerce Secretary's visit to Beijing.

Thus, this news has contributed to a cautious global market sentiment, with a stronger US dollar, concerns about China, and hawkish signals from the Federal Reserve all weighing on investor confidence, leading to a generally negative mood in financial markets.

Global Economic Factors and Central Bank Leaders in Focus

Apart from this, Japan has reported lower inflation figures, which are significantly below the Bank of Japan's target, challenging positive expectations. Despite positive PMI data, optimism wanes due to strong US data and central banks favoring prolonged higher interest rates.

Looking ahead, market focus turns to central bank leaders, particularly European Central Bank President Christine Lagarde and Fed Chairman Jerome Powell, whose remarks are likely to have a significant impact on financial markets. Their statements will be closely watched for insights into future monetary policies and their effects on global economies.

S&P500 (SPX) - Technical analysis

Examining the technical aspects of the S&P 500, it's evident that the index has encountered resistance around the 4450 level, leading to a consolidative phase. Looking ahead, the potential scenario for the S&P 500 involves a potential decline towards the next support level at 4339. This level gains significance from its previous role as support on August 18th.

Should the S&P 500 breach the aforementioned support, the subsequent support level is anticipated at 4460, followed by a deeper support around 4170. On the flip side, if the S&P 500 manages to overcome the 4450 level, it would likely encounter immediate resistance around 4525, with further resistance extending beyond that, targeting the 4600 level.

Simultaneously, observing the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators, both indicators are situated within the sell zone. This, in conjunction with the 50-day Exponential Moving Average (EMA) also residing in the sell zone, suggests that the bearish momentum remains robust.

Given this analysis, it's prudent to focus on the 4450 level. A break below this level could trigger selling positions, particularly considering the significant distance from this point. Additionally, keeping an eye on the psychological resistance level of 4400 is recommended, as breaching this level could potentially push the S&P 500 further downwards, targeting the 4339 level. Further developments should be closely monitored, especially if a break below 4339 occurs, as this could lead to a subsequent target of 4265.

Daily Price Outlook

The price of gold is currently experiencing a downward movement, testing the critical support level at $1,913.15. This decline is influenced by the negative reading on the stochastic indicator. It's worth noting that the stochastic indicator is gradually showing signs of positive momentum, which could potentially serve as a catalyst for the resumption of the bullish trend. The immediate targets for this upward movement are set at $1,929.00 and $1,945.20.

As a result, the scenario of a bullish trend remains in play. It's important to highlight that a breach below $1,913.15 would invalidate the anticipated upward movement and potentially lead to further price declines. The expected trading range for the current session is anticipated to be between the support level of $1,900.00 and the resistance level of $1,930.00.

GOLD (XAU/USD) - Trade Idea

Entry Price – Sell Below 1919

Take Profit – 1905

Stop Loss – 1930

Risk to Reward – 1: 1.27

Profit & Loss Per Standard Lot = +$1400/ -$1100

Profit & Loss Per Micro Lot = +$140/ -$110

Daily Price Outlook

The EUR/USD currency pair is currently trading around the 1.0880 level, maintaining its position just below this level. Notably, the EMA50 intersects with this resistance, lending further reinforcement to its significance. Meanwhile, the stochastic indicator is displaying a clear loss of its positive momentum, signaling overbought conditions at present.

Given these circumstances, we are inclined to anticipate a bearish correction in the upcoming trading sessions, leading to a resumption of the prevailing bearish trend. It is noteworthy that our target for this movement is situated at 1.0785.

However, a breach of the 1.0880 level would negate the anticipated decline and potentially initiate a recovery, potentially resulting in further intraday gains. The projected trading range for today is positioned between the support level of 1.0770 and the resistance level of 1.0920.

EUR/USD - Trade Idea

Entry Price – Sell Below 1.08748

Take Profit – 1.08022

Stop Loss – 1.09285

Risk to Reward – 1: 13

Profit & Loss Per Standard Lot = +$726/ -$537

Profit & Loss Per Micro Lot = +$72/ -$53

Daily Price Outlook

The gold price concluded the previous session above the level of $1913.15, thereby affirming the trajectory for an ongoing bullish momentum and the attainment of fresh positive objectives commencing at $1929.00 and extending to $1945.20. Consequently, the prospects for a bullish trend persist as a valid and active scenario, underpinned by the EMA50's supportive influence from beneath.

It's worth noting that a breach of the $1913.15 threshold could disrupt the anticipated upward movement and potentially trigger a renewed decline. The anticipated trading range for the present day ranges between the support level of $1905.00 and the resistance level of $1940.00. The outlook for today is expected to remain bullish.

GOLD (XAU/USD) - Trade Idea

Entry Price – Buy Above 1915

Take Profit – 1930

Stop Loss – 1909

Risk to Reward – 1: 2.5

Profit & Loss Per Standard Lot = +$1500/ -$600

Profit & Loss Per Micro Lot = +$150/ -$60

Daily Price Outlook

The GBP/USD currency pair has encountered robust support at the 1.2625 level, prompting a substantial upward rebound that led to a robust test of the pivotal resistance at 1.2725. It's worth noting that the stochastic indicator is displaying evident signs of waning positive momentum, while the EMA50 is exerting downward pressure on the price movement.

Considering these factors, we hold the view that the conditions are conducive for a resumption of bearish trading dynamics in the forthcoming trading sessions. The initial targets in this projection involve a retest of the 1.2625 level. It is important to acknowledge that breaching the 1.2725 resistance level would invalidate the bearish scenario, potentially initiating a reversal towards higher price levels.

The projected trading range for the current day spans from the support level of 1.2620 to the resistance level of 1.2780. The prevailing trend for today is anticipated to lean towards the bearish side.

GBP/USD - Trade Idea

Entry Price – Sell Below 1.27292

Take Profit – 1.26658

Stop Loss – 1.27701

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$634/ -$409

Profit & Loss Per Micro Lot = +$63/ -$40

Daily Price Outlook

The price of gold encountered substantial resistance from the EMA50, prompting a swift downward rebound and a subsequent test of the crucial support level at $1889.35. Notably, the price managed to consolidate above this level, leading to a bullish rally as it attempts to reestablish the anticipated upward momentum in the intraday context. The confirmation of this positive scenario hinges on the breach of $1897.00, a move that would signal the continuation of the ascent towards our primary target at $1913.15.

Given these conditions, we maintain our outlook for a bullish trend in the coming period, supported by the current favorable overlapping signal from the stochastic indicator. It is imperative to maintain a level above $1889.35 to sustain the anticipated upward movement.

The projected trading range for today is forecasted to span between the support at $1885.00 and the resistance at $1913.15.

GOLD (XAU/USD) - Trade Idea

Entry Price – Buy Above 1899

Take Profit – 1908

Stop Loss – 1892

Risk to Reward – 1: 1.29

Profit & Loss Per Standard Lot = +$900/ -$700

Profit & Loss Per Micro Lot = +$90/ -$70