Daily market review on the 08.09.2014

Daily market review

The market has opened with a significant gap on the British pound. A negative influence was caused by the preliminary data for an upcoming Scottish Independence of the UK. The number of supporters of the Scottish Independence is much bigger than the number of opponents. The referendum will be held on the 18th of September. If Scotland becomes independent, the British currency will be even under a stronger pressure. EUR/USD remains under the pressure and continues to trade near its lows. After the decreasing of the interest rates, some tendencies for a further decline has opened. Gold trades in a narrow range and attempts to stabilize, but currently does not succeed.

Market news

Today does not bring a lot of important statistics. We recommend to pay attention to the statistics for the trade balance in Germany, the data is expected to be better than the previous one and can positively impact the euro. As to the UK the report on the Halifax House Price Index will be published, the forecast is negative and can have an additional influence on the British currency. As regards to the USA, we recommend to pay attention to the speech of the Minister of Finance, Mr. Lu, some significant fluctuations are expected during the speech.

Our recommendations

EUR/USD EUR/USD remains under strong selling pressure. Moving averages stay down that show a further decrease. The important levels that prevent the rise are located at 1.2958 and 1.2987. The important level that prevents the fall is located at 1.2933. We recommend to sell Put Options at the resistance levels and to buy Call Options at the support levels.

 

 

GBP/USD GBP/USD trades near its nine-month lows. Moving averages stay horizontally but there might be a further decrease. The important levels that prevent the rise are located at 1.6231 and 1.6332. The important level that prevents the fall is located at 1.6166. We recommend to sell Put Options at the resistance levels and to buy Call Options at the support levels.

 

 

AUD/USD The Australian dollar trades in a narrow range. Moving averages stay horizontally but there might be a further increase. The important level that prevents the rise is located at 0.9400. The important levels that prevent the fall are located at 0.9360 at 0.9331. We recommend to sell Put Options at the resistance levels and to buy Call Options at the support levels.

 

 

USD/JPY The pair trades in a narrow range. Moving averages stay horizontally but there might be a further increase. The important levels that prevent the rise are located at 105.22 and 105.69. The important level that prevents the fall is located at 104.67. We recommend to sell Put Options at the resistance levels and to buy Call Options at the support levels.

 

 

GOLD Gold trades in a narrow range. Moving averages stay up that show a further increase. The important level that prevents the rise is located at 1273. The important levels that prevent the fall are located at 1266 и 1262. We recommend to sell Put Options at the resistance levels and to buy Call Options at the support levels.

 

 

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