The second day of trading this week, the movement observed to weaken the US dollar index, approaching the nearest support level of 95,000, but the price range is not too big. The market seems to be looking forward to the announcement of the FOMC Minutes on Friday morning at 01:00 am tomorrow. The weakening of the US dollar index to provide fresh air for several currency rivals.

EUR/USD

At 05:00 AM, the data released German ZEW Economic Sentiment 12.1, worse than expected 18.3 and the data ZEW Economic Sentiment release 33.3, worse than expected 42.1. Both of these data showed weakening sentiment about the economy in Germany and the euro zone region. Memerahnya both these data are expected to have a negative impact on the Euro currency.

Euro currency movements observed on the hourly chart (H1) Meta Trader, is within the price range of 1.13300 (resistance) to 1.12840 (support). Traders can utilize short selling action around the level of 1.13100 in line with the estimated decline in the German ZEW Economic Sentiment. However, if the data turned out to be released opposite of estimates, the Euro is likely to strengthen against the US dollar. Traders can place a buy stop order above the resistance level of 1.13300 to take chances bullish Euro which is expected towards the level of 1.13730 to 1.14500.





USD/JPY

In the European session today, the Yen was observed to tend to strengthen against the US dollar after BOJ Press Conference stating that the BOJ refrained from adding quantitative program by 80 trillion yen amid sluggish Japanese economy. The BOJ will consider the development of China's policies. BOJ would take steps to prevent the risk of weakening consumer spending and domestic production due to the impact of the weakening of China.
On the hourly chart (H1) Meta Trader, traders can utilize short selling dollar yen action at the level of 119 700 to expect the confirmation of the breakout Fibo 61.8 percent. Profit target can be placed at the level of 119250-118600, and restrictions on risk above 119 850. A break above 119 850 will reverse the movement of the dollar yen to rebound to levels 120280-12680.
Besides the market American session, markets will be looking at a series of US economic data to determine the movement of the euro and the US dollar further.

Forex Trading Idea AUD/NZD Short Term - Bullish Speculation: Break Reseistance

Trading opportunities for currency pairs: AUD/NZD exchange rate deviates from the support level and rose above the resistance line. When looked strong bullish trend, the dynamics of the exchange rate is expected to continue to grow. The target is in the 1.1420 and 1.1565. This trading idea would not be valid anymore when the rate fell below 1.0895.

History: The idea for this pair last time I review on August 17th. At that time I reckon the break the resistance level at 1.1315 and 1.1565 quotation growth. Decline in oil prices and the weakening of the Chinese statistical encourage buyers to come out of long positions.

And as a result, the price back to 1.0916. On August 24, the exchange rate AUD/NZD attempted to break through 1.1562 level. On that day the stock market is collapsing or known as Black Monday. After experiencing growth, AUD/NZD pair never go back to the support level of 1.0926. Most ideas on August 17 realized.

What is interesting in this currency pair now?

The Australian dollar deviated from the support level after the RBNZ decided to lower the benchmark interest rate by 0.25% to 2.75%. This decision in accordance with market expectations, but the New Zealand dollar weakened against all currencies.

RBNZ governor, Graeme Wheeler announced about a possible continuation of monetary policy easing program, it will be based on economic data coming in. Meanwhile, the RBA this year is not expected to lower interest rates, so that confidence in the return of AUD/NZD exchange rate to 1.1398 and to 1.1563 intensified.

Note also that, ending trading above resistance level at phase correction. Lines are drawn at the closing price. I have also predicted target level for the next two weeks, which is at 1.1420 and 1.1565.

Dear Traders,

Gold is bullish corrective rebound in 1107 to try to resolve the wave 4 before it is expected to return to break-down the support at 1098. This weekend there will be a significant moment when the release of the results of the FOMC meeting dealing with the issue of the increase in interest rates by the FED. The current market opinion remains evenly split between the pros and cons of this interest rate increase, although the last record is stronger towards the delay in the increase.

While the US PPI Data released in August did not change the menjeaskan that the FED is still far from achieving the goal of inflation targeting. University of Michigan consumer sentiment mengekecewakan, fell to 85.7 in September, well below expectations of 94.0, also when compared to 91.9 in August. FED will pay attention to the release of August retail sales data next week before making a decision in their FOMC.

Technical Analysis

At the H1 chart below can be one of the possible Elliott Wave count that can help you take trading decisions today.

 

Market Info

The focus of market attention this week was focused FOMC meeting, where the meeting will be announced in the federal funds rate, the US economy projected for the next 2 years and a press conference the chairman of the Federal Reserve Janet Yellen. Generally chance the Fed's interest rate hikes are still fifty-fifty. Arguments supporting a rate hike is based on the improvement in the US domestic economy, especially employment data and GDP, so that the low interest rate is now considered inadequate.

While other data which will be the market's attention this week is, CPI and Retail Sales English, German ZEW index, Jobless Claims and the unemployment rate UK, US Retail Sales and US housing data and a speech Glenn Stevens.

1. GBP/USD Analysis

 
Prediction:

Observation of the GBP / USD at TF Daily,
Area movement of GBP / USD this week is in the area of 1.5241 - 1.5543
GBP / USD potentially towards 1.5543, as the closest reinforcement.

2. EUR/USD Analysis

 
Prediction:

Observation of the EUR / USD at TF Daily,
Area movement of EUR / USD this week is around 1.1189 - 1.1416
EUR / USD potentially towards 1.1416 as the nearest reinforcement