31.08. Fresh trading analysis: best month on Wall Street, rising gold and oil

Monday, August 31st, today’s news—Wall Street closes its best August in 30 years. Asian share are at their 29-month-high, European markets rise following the Fed's policy shift last week, gold and oil are up, the dollar may have its worst August in five years. The price of Brent oil is $46.49, WTI—$43.48. EUR/USD is at 1.1904, GBP/USD—1.3316, gold is $1,966.10 per ounce. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.

EURCHF analysis

The overall trend is downward. The currency pair is trading in the range of 364 and 135 moving averages, and the ascending H1 level pattern is truncated. Stochastic Oscillator also signals an overbought condition.

Trading recommendations: sell when a descending pattern is formed, where the wave (aC) breaks through the inclined channel of the ascending truncated pattern.

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Trading ideas for PJSC TATNEFT

The descending pattern is truncated. A bullish divergence has formed on Awesome Oscillator indicator (the price has overstepped the balance line at the point (B) — “breaking the bear’s back”, then the minimum on the chart was updated without updating the indicator’s minimum). Stochastic Oscillator indicates an oversold condition.

Trading recommendations: buy when an upward wave pattern is formed, where wave (A) breaks through the inclined channel of the ascending truncated pattern.

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NZDUSD technical analysis

The pair began to correct following today’s weak economic data from China. The pair is being driven down due to the local overbought condition, which may result in a limited decline.

Trading recommendations: the price falling below 0.6720 may result in a further drop to 0.6685, which would make a 23% Fibonacci pullback.

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^{*Trading recommendations offered by analysts do not constitute a solicitation. Before starting to trade on currency exchange markets, please make sure that you understand the risks connected with the use of leverage and that you have sufficient level of training.}