Forecast on Spot Gold (Spot Gold, NZDUSD, USDSGD)

Spot Gold

SPOT GOLD closed @ 12510 which was ABOVE the open and was within prior day's trading range. The High was 0.5 Dollars from Precise Trader's Res Tgt 2 and the Low was 2 Dollars from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish but Weak and the Price is Above the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Turning Down while 12650 holds and Daily Trend is Limited Up while 12225 holds, so expect the price to Turn Down Soon, so the Bulls may stay Sidelined and the Bears get ready to pull the Trigger. The Daily Trend is still Bullish and was Trading within a Range but the Bulls gave Up Mildly towards the Close which signifies a Choppy session until the Break. The MA is suggesting that the Bulls are Weakening but may test the 12650 level before a Reverse. The Hourly Trend has been in a Range Trading with a Limited Upside Bias and the Patterns are suggesting that 12545 must give way to reach the Price Target ,12455-405 are the Critical levels to watch to maintain the Bullish Outlook. The Opening Price Principles are Mixed , so Cautious approach is needed until the price breaks out of Zone 1 levels.

BULLS: 12460 12405 12340 BEARS: 12525 12590 12655

Today's Strategies: Trade @ the Bulls & Bears Levels Only.

NZDUSD

NZDUSD closed @ 7145 which was ABOVE the open and breached the previous day's high. The High was 55 pips from Precise Trader's Res Tgt 3 and the Low was 125 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish and the Price is Above the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways while 7095 holds and Daily Trend is also Sideways while 6945 holds, so expect the price to be Choppy until Breakout. The Daily Trend is still Bullish but just moving out of Trading Range but the Bulls gave Up Mildly towards the Close which signifies a Choppy session until the Break. The MA is suggesting that the Bulls have momentum to test the Highs. The Hourly Trend has been in a Range Trading with an Upside Bias and the Patterns are suggesting that 7185 must give way to reach the Price Target of 7250-70 , 7105-7080 are the Critical levels to watch to maintain the Bullish Outlook. The Opening Price Principles are Mixed , so Cautious approach is needed until the price breaks out of Zone 1 levels.

BULLS: 7085 7035 6985 BEARS: 7230 7285 7330

Today's Strategies: LONG near 7105 7085 with a tight stop with a 50 pips price target.

USDSGD

USDSGD closed @ 13460 which was UNCHANGED from the open and was within prior day's trading range. The High was PRECISELY at Precise Trader's Res Zone 1 and the Low was 5 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bearish but Oversold and the Price is Below the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Sideways while 13525 holds and Daily Trend is Sideways Down while 13615 holds, so expect the price to be Choppy until Breakout. The Daily Trend is still Bearish but is losing momentum but the Bears gave Up Mildly towards the Close which signifies mild Strength . The MA is suggesting that the Bears are still Strong but the Oscillators are suggesting we may see a pullback. The Hourly Trend has been in a Range Trading with a Limited Downside Bias and the Patterns are suggesting that if 13425 gives way we can expect the Price to reach 13370-25 before a Reverse ,13500-25 are the Critical levels to watch to maintain the Bearish Outlook. The Opening Price Principles are Mixed , so Cautious approach is needed until the price breaks out of Zone 1 levels.

BULLS: 13425 13370 13310 BEARS: 13515 13545 13605

Today's Strategies: Trade @ the Bulls & Bears Levels Only.

Daily Outlook

The 1.0186 resistance held well. Since then we have seen what could be considered the resumption of the downtrend but being in the early stages without strong momentum we still need to be mindful of an earlier deeper correction. To handle the downside first, we'll need price to remain below 1.0157-84. It could decline directly and this will be signaled by a loss of this morning's 1.0122 low. If seen look for follow-through into the 1.0064-95 area and once this is cleared the decline should accelerate through minor support at 1.0035 and onto 0.9995-05 minimum and probably 0.9958. I look for this to generate a correction.

Only a break above 1.0157-84 would imply the deeper pullback into the 1.0207-27 resistance area. If seen look for bearish trade set ups there for resumption of losses. Above 1.0230 would extend gains more directly through to 1.0255-65 and probably to around 1.0289. Only above would imply 1.0350-80 and above there the 1.0450 corrective high.

Medium Term Outlook

2nd September:

The breach of 1.0140 has been just too deep to retain the structure I had been looking at and therefore this should remain below 1.0186-27 and see losses down through yesterday's 1.0064 low to 0.9859-82 initially where a pullback is expected and a final target around the 0.9760-70 area.

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Only directly back above 1.0227 would surprise and suggest follow-through above 1.0308, 1.0350 and to the 1.0450 corrective high...

EUR/USD, consolidating above 1.2800 ahead of NFP

Euro recovery from week lows at 1.2625 found resistance at 1.2850/60 area, and the pair, has remained consolidating during Asian session, trading practically flat between 1.2810 and 1.2835 with NFP on focus.

On the upside, immediate resistance area lies at 1.2850/60 (Sept 1/2 high), and above here, 1.2900 (Aug 19 highs) and 1.2925/35 (Aug 12/18 high). On the downside, support levels lie at 1.2295/10 (intra-day support levels), and below here, 1.2740 (Aug 30 high) and 1.2660 (Sept 1 low/intra-day support).

EUR/JPY decline from Monday's high at 109.55 found support on Tuesday at 106.15/20, and the pair picked up to consolidate overt the latest sessions within a range from 107.45 to 108.30.