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UK manufacturing PMI preview: What to expect of GBP/USD?UK manufacturing PMI for August is due for release today is expected to show the pace of contraction in the activity moderated somewhat. The index is seen coming-in at 49.00 compared to July’s 48.2 figure. No signs of post Brexit gloom and doom So far we have not seen any sign of post Brexit gloom and doom. It was just the July manufacturing PMI figure that triggered that matched the fear mongering spread by Anti Brexiteers. A positive manufacturing PMI figure; above 50.00; would put to rest whatever little speculation of post Brexit gloom and doom exists out there. Hence, we could see the bird revisit 1.32+ levels. The initial spike could take the pair even higher, although what matters is if the spot manages to hold above 1.32 levels on larger time frame charts. On the other hand, a weaker-than-expected figure could yield a fresh slide to 1.3065 (previous day’s low). Moreover, a weak figure ahead of payrolls release and after hawkish Yellen would only underscore the growing monetary policy divergence between the Fed and the BOE. Technicals – Stuck at 50-DMA Pair’s failure to take out symmetrical triangle resistance on last Friday followed by a drop to 1.3059 and a recovery above 1.31 if followed by a failure at 50-DMA and a break below 1.3059 levels would open doors for a revisit to 1.29-1.2865 levels. On the higher side, a convincing day end close above 1.3315 (23.6% of 1.5019-1.2789) would suggest trend reversal.
by TipTVFinance
More dropping then buying, I want 300 pips profit (at least)Have you traded GBPAUD much? It's a pair that will do whatever it wants whenever it wants, and I love that... it makes me feel alive, kind of like "today might be the last day I ever trade!" Anyway, the money to make on this pair is outrageous, IF you are patient. Here's what I want to see: 1. more more big move lower into the mid 1.60's (1.65 ideally) then i'm going to draw a short term trend line probably on the 15 minute chart and I'm going to buy every break up until I can get back up to the lower 1.70's (weekly pivot etc). At the time of this posting the pair is bounding around 1.6900's, 100-200 pip move up first will invalidate my trade. 2. I will start small on this trade, scale in with a bigger position a few times and target the low 1.70's 3. I will then run to the bank laughing all the way! Check out more of this at www.daytradersfx.com
by JaredJJohnson
9
Standard life PLC – Rally has legs, eyes 200-DMAStandard Life PLC is among the top 5 FTSE100 risers; trading 4.4% higher on the day at 332.50. Volumes have held around 20-day moving average, while there are no signs of topping out on the daily MACD. The only sign of worry if any is the possible divergence on the Money Flow indicator. Overall, the stock appears on track to test 345 (38.2% of 2015 high – 2016 low + 200-DMA). Further gains appear unlikely as major averages are still trending lower, so a rise to 345 could be followed by sideways action.
S
by TipTVFinance
Easy Jet - Should we trust the rally?Easy Jet shares have finally witnessed a relief rally of sorts. Prices clocked a low of 973 on July 26 before jumping to a high of 1080 today. The question now is should we trust the corrective rally in the shares. Fundamentals do not support the rally in prices… travel stocks are anyways under pressure, furthermore strengthening of oil prices further is an addition to the bearish news. On the technical front, the news is not good either- The volumes have stayed below 20-day average through the current technical recovery. The money flow index also suggests the corrective rally is more due to profit taking/unwinding of shorts. Hence, the current rally may not be sustained. Moreover, gains have come after last Thursday’s BOE stimulus, which have triggered broad based gains. After the effect of stimulus wanes off the stock may resume the downtrend. On the higher side, we keep an eye on 1177 levels, while fresh sell-off is seen once the recent low of 973 is breached.
LSE:EZJ
by TipTVFinance