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Janet

XAU/USD in preparation for Jackson HoleGold’s technical charts show how the financial markets are preparing for the Friday’s fundamental events. The picture is even considered by the Dukascopy analysts a proper example of educational material for the books. The rate recently reached the upper trend line of a massive long term ascending channel, where it was guided by a medium term ascending channel. That occurred at the end of last week. This week market participants saw the scheduled speech of Janet Yellen at 16:00 GMT on Friday. Pressure began building up, which can be observed in the descending triangle pattern. Moreover, the triangle lines meet exactly at the support of the medium term pattern. Depending on the text of the speech the rate will jump upwards or plummet downwards.
FX_IDC:XAUUSD
by UnknownUnicorn890690
GBPUSD Pressure Moving to the Upside, but Yellen Could Ruin it.At the opening of the market this week we were originally expecting further downside on GBPUSD if the 1.29150 Friday lows got taken out. Since the market opening however we have formed a clear double-bottom, almost to the pip, at the 1.2915 level. A strong area of support has now formed in this zone between 1.2915 to 1.294 over the last week or so. With today's US session sending price action over intra-day highs at 1.30050 and holding ground, it is likely that we may see higher pricing. FED Janet Yellen is giving her semi-annual testimony tomorrow and what she has to say may move the USD a lot so we will be waiting to see how this market looks after her testimony. If after her testimony price has broken out of this resistance bearing trend line and is holding above 1.30050 as support, we may consider scaling in to a long position with stops below 1.29150. Initial upside targets rest at 1.312, so we will only consider entering if it is still worth while after Yellen speaks. We will monitor price action and update this post if we take action. Good luck to you all!
Long
by UnknownUnicorn261897