EUR Gains on Successful Portugal and Poland Debt Auctions

Gold:

Gold prices rose significantly yesterday and peaked at $1,261 an ounce. However, the daily chart’s RSI is floating in the over-bought territory suggesting that the recent upward trend is losing steam and a bearish correction may be impending. This might be a good opportunity for forex traders to enter a modest correction at a very early stage.

Dollar Rallies on Weak German Data

Oil:

Crude Oil is displaying significant bearish signals after yesterday’s failed breach of the ‎‎$75 price level. The hourly chart has the pair trading in the overbought zone on the ‎pair’s Relative Strength Index, indicating a possible move lower. The chart also shows ‎a bearish cross has formed on the Slow Stochastic Oscillator that may support this ‎downward move. Forex and commodity traders may want to be short on Crude Oil ‎today as a significant price move may be in the making. ‎

Thin Trading on US Labor Day Dampens Risk Appetite, Boosts USD

AUD/USD:

This pair’s sustained upward movement has finally pushed its price into the over-bought territory on the daily chart’s RSI. Not only that, but there actually appears to be a bearish cross on the Slow Stochastic pointing to an imminent downward correction. Forex traders have the opportunity to wait for the downward breach on the hourlies and go short in order to ride out the impending wave.

EUR/USD Reaches 1.2900 Following Better Than Expected Non-Farm Payrolls Results

AUD/USD:

The Relative Strength Index on the daily chart is showing the pair trading well in overbought territory, indicating a downward correction could occur in the near future. This theory is supported by the Williams Percent Range, also on the daily chart, which is currently at the -5 mark. Forex traders may want to go short with tight stops in their positions today, as a downward correction will likely take place.

U.S. Dollar Under Pressure Prior to Payrolls Report

Gold:

Gold prices continue their uptick, targeting the commodity’s all-time high at $1,265. The price looks to move higher with the 20-day exponential moving average sloping higher. CFD CFD traders should be long on gold with a protective stop below the support level at $1,231.

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