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Main » 2019 » August » 29 » Forex forecast and recommendations today 29.08.2019: EUR / USD - The correlation of the euro and gold, GBP / USD - The roller coaster,
Forex forecast and recommendations today 29.08.2019: EUR / USD - The correlation of the euro and gold, GBP / USD - The roller coaster,


Events today:

15:30 MSK. USA: Change in GDP for the quarter in the 2nd quarter.

The euro dollar forex trading forecast for EURUSD today 08/29/2019

In the first half of the trading day, the course will depend on the dynamics of the gold, with which the euro has a strong correlation. Investors are actively buying base metals (nickel, palladium) and oil, which usually indicates a decline in gold prices. Against this background, we can expect a moderate decline in the cost of the EURUSD. In the afternoon, the course of trading will depend on the statistics of the United States, where investors are waiting for revised GDP data for the second quarter. In my opinion, the data will be released at the level of the median forecasts, and will not have a strong influence on the course of trading.

EURUSD recommendation: flat 1.1050 -1.1140





Pound dollar forex forecast GBPUSD today 08/29/2019

British Prime Minister, Boris Johnson, has asked the Queen to complete the parliamentary session. UK Parliament to suspend work on the working week 9-13 September, will return to work on 14 October. House of Commons Speaker John Bercow said that this decision is a "flagrant violation of the constitution." The political crisis in the United Kingdom will force investors to take profits on long positions after two weeks of growth in prices.

However, strong sales should not be expected, since growing oil market will support the pound, because of the direct correlation GBPUSD and BRENT. Support oil roar is now supported by two factors. First, in the United States declining reserves of black gold. In three weeks of August, inventories fell by 8.8 mln. Bbl. Since the beginning of the summer of reserves decreased by 55.5 million. Barrels. Since the beginning of this year, stocks fell 13.6 million. Barrels. Such dynamics are primarily caused by OPEC's pact +. Representatives of the cartel's claim that the fall in stocks of OECD countries will be reduced even more storage. Secondly, Iran and the United States do not want to negotiate and "risk premium" is still in force.

GBPUSD recommendation: flat 1.2160 -1.2250.




Dollar yen USDJPY Forex forecast for today 29/08/2019

The United States continues to provide the market mixed signals regarding trade negotiations with China. John Bolton, the adviser to the president of Trump National Security, said that the US and China are still substantial differences in matters of trade. White House spokesman Marc Short, on the contrary, expressed optimism about the deal. In my opinion, now as a leading indicator of investor sentiment, you can use the stock Boeing. This company has a large portfolio of orders in China and in case of deterioration of the negotiation process will suffer. Shares of the company showing growth, which is positive for USDJPY, as the pair has a very strong correlation with the equity markets.

USDJPY recommendation: Buy 105.77 / 105.60 and take profit 106.25



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