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π’ OPEC+ to hold production levels amid dwindling influence
β’ π Traders on alert for potentially more exits from the cartel
β’ π OPEC+ expects a supply glut, with oil prices likely to fall next year
π Read the full analysis to see whatβs next for OPEC+ and the oil market!
π Daily Technical Analysis by David Kindley
π©πͺ GER 40 | Bears Hold the Edge
π GER 40 remains pressured despite a modest recovery.
π§ 26300 is the key resistance to reclaim.
π― Failure to break above it could expose 25800, with 25500 next on the radar.
π Read the full report for more details!
π Daily Technical Analysis by David Kindley
π¨π¦ USD/CAD | Sharp Drop
π USD/CAD remains under pressure after a steep sell-off.
π§ 1.3760 is crucial for the rebound to hold.
π― Above 1.3800, the pair could target 1.3880. Below 1.3760, 1.3700 comes into view.
π Daily Technical Analysis by David Kindley
GBP/USD | Cable Finds a Bounce
π GBP/USD rebounds after finding support below 1.3500.
π§ 1.3550 is the next key resistance to watch.
π― A break above it could extend the recovery, while 1.3470 remains key support.
π¨ Today's High-Impact Economic Events
π
Friday | September 4
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π 11:50 AM
π¬π§ UK: BOE Gov Bailey Speaks
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π 3:30 PM
π¨π¦ Canada: Employment Change
β’ Previous: 75.1K | Forecast: 15.1K
π¨π¦ Canada: Unemployment Rate
β’ Previous: 6.4% | Forecast: 6.4%
πΊπΈ US: Average Hourly Earnings m/m
β’ Previous: 0.1% | Forecast: 0.3%
πΊπΈ US: Non-Farm Employment Change
β’ Previous: -23K | Forecast: 55K
πΊπΈ US: Unemployment Rate
β’ Previous: 4.1% | Forecast: 4.1%
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π 5:00 PM
π¨π¦ Canada: Ivey PMI
β’ Previous: 55.1 | Forecast: 56.2
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π All times are in GMT+3 (UTC+3).
The Dow jumps 600 points to notch its best session in over a month as Treasury Yields stepped back! As investors weigh up a Fed cut later this month, will there be another test at a fresh record?!
π Fundamental Analysis
πΊπΈ NFP could drive the next move in the dollar and gold.
π Strong jobs data could support the dollar and weigh on gold as September hike odds rise.
π Weak jobs data could weaken the dollar and boost gold on US economy fears.
π Read the full analysis.
π¨ Todayβs High-Impact Economic Events
π
Thursday | September 3
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πΊπΈ 3:30 PM
π Unemployment Claims
π Forecast: 205K
π Previous: 203K
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πΊπΈ 5:00 PM
π ISM Services PMI
π Forecast: 54.2
π Previous: 54.1
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π All times are in GMT+3 (UTC+3).
π Daily Technical Analysis by David Kindley
π¬π§ UK100 | Lower Lows
π UK100 continues to struggle.
π§ 10820 is the level to reclaim.
π― Above it, 10900 could come into focus.
π Daily Technical Analysis by David Kindley
πΆ EURAUD | Picks Up
π EURAUD turns higher after breaking 1.6200.
π― 1.6250 is the next hurdle.
π§± 1.6130 remains key support.
π Daily Technical Analysis by David Kindley
π΄ USDJPY | Drops From Peak
π USDJPY faces selling pressure below 160.00.
π§ 159.40 is the first support.
π‘οΈ 158.60 remains key for the trend.
Crude settles at $90 after volatile trading sessions led the black gold to a $10 jump! As tensions remain heightened, will prices continue the rally towards the $100 level?!
π Fundamental Analysis
π¨π¦ BOC policy signals could drive the next move in CAD.
π A hawkish stance could support CAD, though gains may fade.
π A dovish stance could put more pressure on CAD.
π Read the full analysis.
π Daily Technical Analysis by Rami Abu-Draa
ποΈ Dow Jones | Bulls Hold Support
π Dow remains above its daily uptrend.
π‘οΈ 52640 is the key support.
π― Above support, the advance could target 55000.
π Daily Technical Analysis by Rami Abu-Draa
π₯ Gold | Sell-Off Continues
π Gold falls below 4310 support.
π§± 4345-75 is the key resistance zone.
π― Below this zone, 4200-20 could come into focus.
π Daily Technical Analysis by Rami Abu-Draa
π’οΈ Crude Oil | Breaks Higher
π Oil breaks above the triangle resistance.
π 87.00 and 85.00 are key supports.
π― Buyers could target 93.00-95.00.
π Daily Technical Analysis by Rami Abu-Draa
π΄ USD/JPY | Resistance Tested
π USDJPY resumes its advance towards 160.85.
π Below 160.85, a pullback could target 159.10.
β οΈ Traders remain alert to possible BOJ intervention.
π Daily Technical Analysis by Rami Abu-Draa
π· GBP/USD | Drops Further
π GBPUSD breaks below 1.3520 support.
π§± 1.3400-25 is the next support zone.
π A rebound from this area could target 1.3565.
π Daily Technical Analysis by Rami Abu-Draa
πΆ EUR/USD | Support Holds
π EURUSD holds above 1.1570 support.
π A rebound could target 1.1710.
π Below 1.1570, 1.1460-80 could come into focus.
