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September 17th 2014. So far over the course of the last 24 hours we have seen if not a relief rally then certainly a medium term base in some of the pairs that became very overstretched due to aggressive Dollar buying. This evening we will get the Pace of Treasury Purchases for September followed by the Fed statement from Yellen so I don’t see a whole lot happening ahead of that. Cable awaits the Scottish Referendum results and the vote tomorrow.
EURUSD – Will be very quiet ahead of the Fed statement but EURUSD looks to be forming a medium term base with support at 1.2850 and it’s oversold weekly studies have yet to produce a rally.
USDJPY – Moving in a tight range as it digests the bullish engulfing candle from last week. Putting in a series of flags and pennants all the way higher and will likely reach 110.00 in the weeks to come. Look for a close above 107.40 for a continuation higher.
USDCAD - This healthy pullback is buyable however time your entry to a daily higher high.
XAUUSD – Looks to be forming a base with medium term support at $1225.00. This market broke lower through support at $1270 close to the apex of an ever tightening weekly wedge formation. Having broken significantly lower I would not be surprised to see us go test that $1270 area now turned resistance in the coming weeks, however a resumption of Dollar buying could see this market test $1225 for a break lower.
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