Daily FX Analysis, Sep 02 – Quick Outlook of BTC/USD, AUD/USD and Gold!
By Eaglefx On September 02, 2019 in Daily Market Analysis
The Dollar Index soared to a two-year high on Friday, climbing 0.6% on the day to 98.81. On Sunday, fresh U.S. and China tariffs progressed into effect. Meantime, the U.S. president proceeded to pile weight on the Federal Reserve, tweeting: "The Euro is falling against the Dollar like crazy, providing them a great export and manufacturing advantage...and the Fed does NOTHING!"
The euro fell 0.8% to $1.0991, posting a five-day losing strip to the lowest level since May 2017. Official data revealed that eurozone core CPI rose 0.9% on year in August (vs. +1.0% anticipated and +0.9% in July), while the jobless rate was poised at 7.5% in July (as foreseen).
Economic Calendar - Labor Day Holiday
BTC/USD - Daily Forecast
Bitcoin developers have been attempting to get the world's most famous cryptocurrency extra beneficial for payments, with the slightly dubious Lightning Network one of the most attractive projects. Nevertheless, severe safety vulnerabilities have this week been found on the Bitcoin Lightning Network, which could end in users losing their bitcoin if links are not updated.
The BTC/USD pair is correcting the cutting rally from the low of $3,236.09 to the high of $13,973.5. Pullbacks that gain support between the 38.2% and 50% retracement levels are deemed strong. A broader pullback under the 61.8% Fibonacci retracement level decreases the likelihood of a resumption of the uptrend.
BTC/USD - Daily Technical Levels
Support Resistance
9,477.2 9,725.74
9,336.9 9,833.98
9,088.36 10,082.52
Pivot Point 9,585.44
BTC/USD – Daily Forecast
BTC has reversed from a suggested support area of 9315. Today's sentiment remains bullish with an immediate resistance around 9,800 and 10,049. On the lower side support continues to prevail around 9582.
AUD/USD – Chinese Manufacturing PMI Shakes
Today in the early Asian market, the AUD/USD currency pair hit the bullish track due to upbeat manufacturing purchasing managers index data from China, the pair takes the buying of 0.6735 after dropped 0.02%.
China Caixin Manufacturing PMI August month, 50.4 against 49.8 forecasts, opposing the weekend report of official manufacturing figure 49.5 versus 49.7 expected, Australian buyers shrug off recent uncertainty.
At the starting of the day, a slew of private data concerning the Aussie economy released. As well as, the AIG Performance of Mfg Index for August and the 2nd quarter company gross Operating Profits was upbeat release whereas Commonwealth Bank Manufacturing PMI and the Australia and New Zealand Banking Group’s (ANZ) Job Announcements for August flashed negative signals.
At the trade front, the United States avoid the China respectful cancellation of tariffs ahead of this month's trade discussion while the protests in Honk Kong could get a noticeable intervention fro china. Meanwhile, the latest headline came that China will hold a press conference tomorrow for discussions concerning Hong Kong's current situation.
AUD/USD - Daily Technical Levels
Support Resistance
0.6718 0.6748
0.6698 0.676
0.6668 0.679
Pivot Point 0.6729
AUD/USD – Daily Forecast
On the trade front, the AUD/USD is facing solid support around 0.6715. Aussie has been forming Doji candles over this level, suggesting chances of a bullish reversal. Immediate resistance stays at 0.6750 and 0.6785. While the EMA is signalling a bearish bias. I will be staying bullish above 0.6710 and bearish below 0.6755 today.
Gold - XAU/USD – Additional Tariff Keeps Gold on Fire
Today in the early Asian market, the gold prices surged due to new tariffs kicked in both the United States and China, indicating the next step in the continuing trade war between the two largest economies in the world.
Gold Futures traded on the Comex division of the New York Mercantile Exchange were up 0.26% to $1,533.40 a troy ounce.
Such as over the weekend, the United States and China trade war increased again due to the United States tariff on 15% on Chinese goods including footwear, smartwatches a flat-panel television took effect.
Meanwhile, China’s economy is still under pressure. The official manufacturer’s Purchasing Managers’ Index (PMI) for August, released on Saturday, came in unexpectedly lower at 49.5 down from 49.7 in July.
Whereas, the Caixin China General Manufacturing PMI, declared Monday morning, recorded a rise to 50.4 in August up from 49.9 in July. In both cases, a reading above 50 signals increase.
On the other hand, during the Monday the U.S. Dollar Index Futures that tracks the USD against a bucket of currencies was lower down 0.08% to 98.83.
XAU/USD - Daily Technical Levels
Support Resistance
1,513.9 1,530.12
1,507.36 1,539.8
1,491.14 1,556.02
Pivot Point 1,523.58
XAU/USD – Daily Forecast
Gold is likely to trade with the neutral sentiment, and we may see choppy trading in between a trading range of 1533 to 1517 on the lower side. However, bullish or bearish price action will determine it's trend. Safe haven support is also underpinning gold today.
All the best!