EUR/USD, SP500, Wheat analysis & forecast for 02 – 06 September 2019
As it was forecasted last week SP500 rallied. But still, it has to beak daily resistance to confirm bullish bias. As for now, I prefer to buy the dips. Possible range 2890 – 2860 to set longs. However, we have to see rejection at these levels to form a buy signal. Final target 3100. I expect the market will hit it till the end of the year. Oh sure, we have to watch fundamentals. Trump never sleeps lol
I expected a pullback in the dollar before next leg up. But it just rallied without any pullbacks. So, I missed the trade. Anyway, let’s move on. I don’t see any short term trading opportunity in EUR/USD. Well, maybe if 1.1020 range gets rejected, it could be a possible entry for shorts. But I have to say it’s tricky. At the same time, nice long term trade is coming here. I expect 1.0700 range to become buying opportunity for long term players with first target at 1.1400. Yes, a cheap Euro is good for EU export. But there is a limit as always. And once the market hits that limit the central bank will step in to fulfill its regulative function. Nothing more, nothing less. This just how economy and market works.
Not much is happening in commodities now. But things will change very soon. You know autumn is usually hot time in the market. So, look for a buy signal in wheat. Its a bit too early, but we have clear trendline and once it’s breached and successfully retest, I will go long on the managed accounts and my own account. No signal – no trade yet 🙂
Happy trading week!