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Dukascopy Forex Overview: 30-08-2016 - Afternoon

Dukascopy Bank analytic desk report
Published: 30/08/2016 14:56
Dukascopy Technical Analysis

USD/CAD above 1.30 mark mid-Monday
“The case for an increase in the federal funds rate has strengthened in recent months.”
- Janet Yellen, chairwoman of the US Federal Reserve (based on BBC)
The US Dollar continued to surge against the Canadian Dollar by the middle of Tuesday, as the rate was struggling with resistance put up by the monthly pivot point at 1.3043. The currency exchange rate already bounced off the monthly PP on Monday, as the rate managed to surge only slightly by the end of day’s trading session.
Dukascopy Fundamental Analysis
Fed’s favorite inflation measure remains unchanged in July
The Federal Reserve’s (Fed) favorite measure of inflation held steady in the seventh month of the year, official data revealed on Monday. According to the Bureau of Economic Analysis, the Personal Consumption Expenditures Price Index (PCE), excluding the volatile food and energy components, rose 1.6% year-over-year in July, unchanged from last month, while market analysts anticipated a slight decrease to 1.5% in the reported month.
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Trade Pattern Idea
AUD/JPY 1H Chart: Channel Up
The Australian Dollar is in a channel up pattern against the Japanese Yen, as the currency exchange rate just recently rebounded against the pattern’s lower trend line at 77.20, which I support by the 23.60% Fibonacci retracement at 77.23.>>

EUR/USD 1W Chart: Rectangle
EUR/USD has formed a well developed rectangle since the beginning of 2015, after taking serious dip in 2014. >>
Expert Commentary
"I would say that February of 2016 was the perfect time to invest in silver."
- Garrett Goggin, Analyst at Gold Stock Analyst, on gold and silver
A lot of miners that we cover have had a great run so far: they are up nearly 300-500% since February of 2016. At the moment, we think silver is going to be inching higher along with gold, but I am convinced that the good run has already happened this year. The main driver for gold going forward would be accommodative Central banks around the world. 
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Press Review
Wall Street under pressure from Apple
The EU this morning ordered the Irish government to claw back up to $14 billion plus interest in back taxes from Apple.
Dukascopy Bank Sentiment Index
June Release
The positive momentum in the Asia-Pacific region seems to have continued in June even despite soft global demand and signs that the Chinese investment-led recovery is coming to an end, as both short and long run sentiment indices soared in the measured month.
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Economic Research

Forecasting Models for Exchange Rate
The science of prognostics has been going through a rapid and fruitful development in the past decades, with various forecasting methods, procedures and approaches flooding the economic world. It is estimated that there are more than 100 prediction methods, and sometimes the diversity makes it difficult to choose the one that would do the trick.
Dukascopy Aggregate Technical Indicator
Dukascopy Bank presents a new research product - the aggregate technical indicator. The new tool will indicate the strongest signals on major currency pairs. Dukascopy Aggregate Technical Indicator for 30 min and 1H time frame charts for major pairs for the last 144 periods till 15:30 GMT.
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This overview can be used only for informational purposes. Dukascopy Bank SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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