Daily Forex market review 8 August 2016

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Forex market analysis: daily and weekly forecasts Check the website for more information: https://freshforex.com/analitics/ EUR/USD (Euro/dollar pair) Over the past two months, US employment rate has grown by 547 000 (five hundred and forty seven thousand) against 505 000 (five hundred and five thousand) of the last year. The 12-months' average figure is again above 200 000 (two hundred thousand), indicating the steady growth of the US economy and serving as a positive factor for US dollar. So, this is the downtrend for the pair. - ADX indicator on the daily and hourly charts shows the uptrend; whereas on the 4-hours chart it is the downtrend. - RSI indicator on the daily, 4-hours and hourly charts shows the flat. - Recommendation: Open Sell trades at 1,1100 (one dot eleven double zero) and take profit at 1,1050 (one dot ten fifty) The next pair - GBP/USD (Pound/dollar) - The positive report on the US employment allows investors to trade on expectations of multidirectional monetary policy conducted by the Fed's and Bank of England. The first institution promises to raise the rate in September if strong reports are released, whereas the latter has lowered the rate on August 4 and has promised another decline to be done this year. Thus, it is the downtrend. - ADX indicator on the daily, 4-hours and hourly charts shows the flat. - RSI indicator on the hourly chart is oversold, which makes the upward correction possible. - We see a strong weekly bearish candle. So, it means the downtrend. - Recommendation: Open Sell trades at 1,3090 (one dot thirty ninety) and take profit at 1,3000 (one dot three thousand sharply). And finally, USD/JPY (Dollar/Japanese Yen) - Investors expect the US Federal Reserve from September to December to raise the interest rate. Against the background of low expectations on inflation, the Bank of Japan may resort to new stimulus measures. This trend will contribute to inflow of capital into the US currency. Thus, it is the uptrend. - ADX indicator on the daily and 4-hours charts shows the flat; on the hourly chart, it is the uptrend. - RSI indicator on the daily, 4-hours and hourly charts shows the flat. - Recommendation: Open Buy trades at 101,75 (one hundred and one seventy five) and take profit at 102,25 one hundred and two twenty five)