Lots of High impact news out today along with the ECB President and Fed Chair speaking. I see Gold going sideways until Fed Chair 'Yellen' Speaks around 15:00 BST, silver will follow suit. If she is Dovish about the US economy, then traders may turn to the precious metal, but up until that point, expect sideways markets until a clear direction is identified.
Other Metals are consolidated except Copper, but I think copper has burnt itself out over the week. The S & P 500 is also going to be sideways until the speech. The FTSE 100 has just seen a cup and handle pattern on the hourly chart which is a Bullish pattern, so we may see this market rise over the session.
FTSE 100 - BUY - 7411.30
As mentioned above, the FTSE 100 has just identified a cup and handle pattern on the hourly chart. This is a Bullish pattern, indicating that we are going to see a rise in the price over the session. The long term MA is showing a downward direction on the hourly, but only very slight, and is in a strong upward direction on the daily. The 4 hour chart is seeing the formation of a BAT pattern indicating a bearish movement, but it has a way to go before it is formed.
HIGH GRADE COPPER (COPPER) - BUY - 304.451
Copper has been on a steady climb since May and is not showing signs of slowing down due to big demands from tech companies. The daily and 4 hourly charts are showing OB conditions, however, a slight retracement should see this level drop allowing room for the price to continue on its current course. The hourly chart has already dropped below the OB, confirming the demand is strong.
AUD/JPY - SELL - 86.863
This currency pair has a BAT pattern on the daily chart and has already started on its Bearish movement, although the MA is indicating an upward movement on the daily chart having left the OS level on 16th Aug. The 4 hour chart is also indicating an uptrend on the long term MA, however, has just entered the OB level. The hourly chart is showing a downtrend since 8th August, but seems to be levelling out slightly. We are in a strong OB position on the hourly chart, and we have just hit a resistance level. For this reason, I see this pair falling over the session today.
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