Gear up for an exciting start to September with Nikkhil’s comprehensive forex forecast. With pivotal monetary announcements and the Non-Farm Payroll report on the horizon, it’s essential to stay ahead with key insights.
Here’s an insider's look into what to expect for Nikkhil’s focal instruments this upcoming week:
DXY (US Dollar Index)
The Dollar Index is currently hovering at a pivotal support level of 100. After a recent bearish trend, there’s a hint of bullish momentum building up, particularly noticeable in the shorter time frames where bullish divergences are becoming evident. Should these signs hold true, we might witness a short-term rally, especially with the NFP announcement potentially acting as a catalyst for significant movements.
EUR/USD
As the Dollar shows signs of resilience, EUR/USD has encountered substantial resistance, signalling a potential exhaustion in the bullish momentum. Anticipate a mild pullback which could serve as an attractive entry point for a continued upward trend. Nikkhil’s analysis indicates a pivotal retracement level around 1.0944 that could spur bullish entries if tested.
GBP/NZD
On the GBP/NZD front, the pair exhibits a bearish trend on the daily chart but offers a silver lining for bulls at lower support levels. An expected reversal could ignite a lucrative opportunity for traders watching this space. Key to this potential reversal will be how the pair reacts at the deeper Fibonacci retracement levels in the coming days.
XTI/USD (Crude Oil)
Crude Oil is currently in a downward trend, breaking below a critical triangular consolidation pattern. If this bearish momentum continues, Nikkhils’s eyes are on the $70 mark as a potential target. This level could act as a new benchmark for bearish bets, with any rallies seen as opportunities to establish short positions.
XAU/USD (Gold)
Gold may be experiencing short-term pressures, yet the long-term bullish trend remains intact. The next few sessions could be crucial as Nikkhil monitors if gold tests the $2500 level. A break or bounce at this psychological barrier will be key to determining the next major move. Keep an eye out for signs of exhaustion or revival at this critical juncture.
Stay prepared and proactive as we approach a potentially volatile trading week.
Make informed decisions with Nikkhils in-depth analyses and keep your trading strategies sharp.
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Wishing you a profitable trading week.