After-trading perspectives are vague

The last week ended with bearish trend. However, it’s untimely to consider these results as perspectives for the serious price reduction in the future. By the end of the week August business index for Eurozone was released. The data was ahead the forecasts and reached 47,5 comparing to 46,3. What is very important, technical data of the rates looks contradictory to estimate perspectives for the USD bearish trend.

Results

Technical dynamics of the weekly charts for the most part of forex rates changed, though slightly, directing to the further bearish trend of USD. The most important after-trading fact of the Friday may be EUR/USD rates growth to 1.4350. However, after-trading results did not show profit taking over this important level. Therefore the week result may give the opportunity to form correcting decrease of EUR/USD rate below 1,43.

Tendency

The growth of rates of the main national currencies against USD still remains the basic forex tendency. High prices for gold and oil keep supporting bearish trend of USD. Current price for gold is above 950, and for BRENT around $75. Commodity currencies, such as AUD, CAD and NZD still remain to be negative force for USD rate . For example, AUD may reach 0,85 and CAD didn’t fix higher than 1,08 and it still can get lower to 1.07-1.08.

Forecast

Contradictory results of the last week can be clearly seen. The opportunity to form technical correction of the main currency rates contradict to technical tendencies of the USD price decrease. Therefore traders will not be able to form strong trading trend on Monday, August 24. It’s more likely that trading will stay controversial.

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The Parliament is not the place to trade, the stock exchange is not the place for discussions