Ichimoku indicator analysis of gold for August 31, 2017

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Ichimoku indicator analysis of gold for August 31, 2017

Burning outlook: US employment report from ADP at 12:15 PM London Time

Burning outlook: US employment report from ADP at 12:15 PM London Time

Forecast of new jobs for August is +185, 000.

The forecast range is + 145, 000 to +245, 000.

Why is it important? Obviously, employment and its dynamics are the most important indicator of the state of the economy, along with the GDP dynamics and inflation.

We are in the phase of growth in the US economy and the world economy. Growth has been occurring for 8 years, since 2009, since the end of the global crisis.

If we see a slowdown in employment growth, it is a signal that growth is slowing down - a signal that is against the US, oil, and dollar markets.

If we see a rise above the forecasts - it is a strong signal in favor of the US market and the dollar.

In 15 minutes after the report on employment, the revised US GDP for the second quarter will be released - the expected growth of the indicator will help the dollar.

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of GBP/JPY for August 30, 2017

GBPJPYM30.png

Upside movements are expected to prevail in GBP/JPY. The pair managed to break above its intraday horizontal level at 130.95 yesterday. The previous key resistance now acts as a strong support, which should limit any downside room. In addition, formation of higher highs and lows remains intact, which should confirm a bullish outlook.

To sum up, as long as 141.40 is not broken, look for a new rise to 142.65 and 143.00 in extension.

Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 141.40 with the target at 140.80.

Strategy: BUY, Stop Loss: 141.40, Take Profit: 142.65.

Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates the bullish position; and when it is below the pivot points, it indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 142.65, 143.00, and 143.50

Support levels: 140.80, 140.40, and 140.00

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of NZD/USD for August 30, 2017

NZDUSDM30.png

NZD/USD is expected to continue its downside movements as the pair is under pressure. Although the pair posted a rebound, it is still trading below the key resistance at 0.7280, which should maintain the selling pressure. The relative strength index is below its neutrality level at 50 and lacks upward momentum.

To sum up, as long as 0.7260 holds on the upside, look for a new test to 0.7190 and even to 0.7150 in extension.

The black line shows the pivot point. Currently, the price is above the pivot point, which indicates the bullish position. If it remains below the pivot point, it will indicate the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.7280, 0.7300, and 0.7325

Support levels: 0.7190, 0.7150, and 0.7100

The material has been provided by InstaForex Company - www.instaforex.com