Market updates on September 3

Market updates on September 3

American ISM Manufacturing PMI – 17:00 MT time (14:00 GMT)

The EURUSD pair keeps struggling. On the daily chart, it has already crossed the support at 1.0965 targeting new lows. For intraday trading, we need to consider the H4 chart. The next support is at 1.0934. A break below it will cause a decline to 1.0887. If the actual release of ISM Manufacturing PMI is weaker than the forecast, there is a chance that the fall will be limited. If the pair is able to recover, previous supports will become levels of resistance.

EURUSDH4.png

Parliament is due to debate an emergency plan to take control of the legislation to stop a no-deal Brexit on October 31.

On the daily chart of GBPUSD, the pair hit the crucial level of 1.20.  Although such indicators as MACD and Awesome Oscillator signal a reversal, the pair has been slowing down. The next support is at 1.1986. If the pair closes below it, we can anticipate a further fall. A rebound will push the pair to 1.2020.

GBPUSDH4.png

The Australian dollar has been strengthening despite weaker actual reading of retail sales data and lack of hawkish comments by the RBA.

On the daily chart of AUDUSD, the pair rebounded from the support at 0.6689. The pair needs to break above 0.6735 to confirm the recovery. However, Moving Averages continue moving down. It signals a possible continuation of the downtrend. Thus, there are risks of the return to 0.6689.

AUDUSDDaily.png

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