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23.09.2019 - 17.09.2019
Last Friday, gold moderately strengthened after Chinese officials suspended their visit to the US without visiting a number of important sites, which was unexpected and led to a fall in the American companies’ shares. The Fed key rate decrease by 25 basis points and the mixed FOMC voting created uncertainty regarding monetary policy parameters by the end of this year. The head of the regulator Jerome Powell repeated that the rate cut is insurance against risks in the US economy.
The GBP/USD pair has been keeping an upward trend throughout September. At the beginning of the month, the oversold pound received support amid growing investor interest. At the end of the last trading week, the price moved to a correctional decline after the publication of negative data on UK retail sales and strong statistics on the US labor market. Now, the instrument fell to the lower border of the narrow rising channel.
On the H4 chart, the instrument returned to decline after correction and is trading at the lower border of Bollinger Bands. The indicator cloud is expanded, which indicates the probable preservation of the downtrend in the short term. MACD histogram is in the negative zone keeping a signal for the opening of sell positions. Stochastic is crossing the oversold zone boundary from below, forming a signal to open long positions.
On the 4-hour chart, the instrument is trading in the lower Bollinger band. The price remains above the EMA65, EMA130 and SMA200 that are directed up. The RSI is approaching the border of the oversold zone. The Composite is testing from below its longer MA.
On the 4-hour chart, the pair is trading in the lower Bollinger band. The price remains below its moving averages that start turning down. The RSI has formed a Bullish divergence with the price. The Composite is showing similar dynamics.
Oil prices rose slightly on Friday, but returned to negative dynamics closer to the end of the afternoon session.
On Friday, the EUR/USD pair moderately declined, returning to previous local lows of September 17. The development of negative dynamics was due to the poor macroeconomic statistics from Europe.
The European currency showed a moderate decline against the US dollar on Friday, returning to previous local lows of September 17. The development of negative dynamics was facilitated by weak macroeconomic statistics from Europe.