Growth concerns weigh on the dollar, but the fragile yen draws a warning.

On Wednesday, the yen was close to a 10-month low, triggering the sharpest warning since mid-August from Japan’s top currency ambassador, while the dollar maintained close to a six-month high as concerns over China and the global economy dampened risk appetite.

In Asian trading hours, the yen rose 0.19% to 147.42 per dollar, but it was still close to 147.82, the session’s low since November 4 at that point.

EUR/USD increases toward 1.0750 ahead of the EU Retail Sales and US ISM PMI.

GBP/USD pair recovered from its lowest point since June 13 and is now moving toward 1.2600 In early Europe on Wednesday.

AUD/USD strengthens toward 0.6400 amid Australian GDP beat, USD pullback.

USD/CAD pair lacks a consistent intraday directional bias and oscillates between tepid gains and slight losses throughout the Asian session.

EUR/GBP fails to recoup its losses from the previous day, due to the Eurozone’s weaker data.

GBP/JPY snaps two-day gain streak around 185.30, amid the cautious atmosphere and BoJ intervention worry,

USD/CHF looks to approach 0.8900, Due to a stronger US dollar and attention to US PMI data.

EVENTS RELEASE TODAY:

(AUD) GDP (QoQ) (Q2) Actual 0.4, Forecast 0.3%, Previous 0.2% at 07:00.

(EUR) Retail Sales (MoM) (Jul) Forecast –0.1%, Previous –0.3% at 14:30.

(USD) Service PMI (Aug) Forecast 51.0, Previous 52.3 at 19:15.

(CAD) Interest Rate Decision Forecast 5.00%, Previous 5.00% at 19:30.

GBP/USD: Technical Overview

Exponential Moving Average

• EMA 5: The 5-day EMA stands at 1.2582, suggesting a Sell sentiment.
• EMA 20: The 20-day EMA displays 1.2621, reinforcing a Sell indication.
• EMA 50: With a value of 1.2666, the 50-day EMA aligns with a Sell recommendation.

Simple Moving Average

• SMA 5: The 5-day SMA shows 1.2581, indicating a Sell sentiment.
• SMA 20: The 20-day SMA records 1.2633, supporting a Sell stance.
• SMA 50: The 50-day SMA stands at 1.2668, signifying a Sell indication.

RSI (Relative Strength Index)

The RSI, calculated over a 14-day period, displays a reading of 40.96, suggesting a Neutral signal.

Stochastic Oscillator

The %K value of the Stochastic Oscillator suggests a Negative condition.

Resistance And Support Levels

• Resistance: The resistance level is identified at 1.2602
• Support: The support level is observed at 1.2541

Summary And Trade Suggestions

Based on the technical analysis, GBP/USD presents a Sell outlook. Traders may consider entering a short position, considering the indicators, moving averages, and oscillators.

Trade Suggestion:

• Entry Point: 1.2512
• Take Profit: 1.2436
• Stop Loss: 1.2570

EUR/USD Technical Overview:

Exponential Moving Average

• EMA 5: The 5-day EMA stands at 1.0745, indicating a Sell signal.
• EMA 20: The 20-day EMA is at 1.0799, signalling a Sell sentiment.
• EMA 50: The 50-day EMA currently sits at 1.0846, suggesting a Sell indication.

Simple Moving Average

• SMA 5: The 5-day SMA shows a value of 1.0744, reinforcing the Sell recommendation.
• SMA 20: With a value of 1.0827, the 20-day SMA also supports a Sell sentiment.
• SMA 50: The 50-day SMA registers at 1.0844, affirming a Sell indication.

RSI (Relative Strength Index)

The RSI, calculated over a 14-day period, stands at 36.15, signifying a negative signal.

Stochastic Oscillator

The %K value of the Stochastic Oscillator suggests a Neutral stance.

Resistance And Support Levels

• Resistance: The resistance level is observed at 1.0761.
• Support: The support level is identified at 1.0708.

Summary And Trade Suggestions

In summary, the technical analysis of EURUSD points towards a Sell sentiment. Considering the indicators, moving averages, and oscillators, it seems favourable for traders to enter a short position.

Trade Suggestion:

• Entry Point: 1.0690
• Take Profit: 1.0587
• Stop Loss: 1.0776

AUD/USD Technical Overview:

Exponential Moving Average

• EMA 5: The 5-day EMA stands at 0.6395, indicating a Sell signal.
• EMA 20: The 20-day EMA is at 0.6432, signalling a Sell sentiment.
• EMA 50: The 50-day EMA currently sits at 0.6458, suggesting a Sell indication.

Simple Moving Average

• SMA 5: The 5-day SMA shows a value of 0.6389, reinforcing the Sell recommendation.
• SMA 20: With a value of 0.6455, the 20-day SMA also supports a Buy sentiment.
• SMA 50: The 50-day SMA registers at 0.6436, affirming a Sell indication.

RSI (Relative Strength Index)

The RSI, calculated over a 14-day period, stands at 39.4, signifying a negative signal.

Stochastic Oscillator

The %K value of the Stochastic Oscillator suggests a Neutral stance.

Resistance And Support Levels

• Resistance: The resistance level is observed at 0.6404
• Support: The support level is identified at 0.6361

Summary And Trade Suggestions

In summary, the technical analysis of AUDUSD points towards a Sell sentiment. Considering the indicators, moving averages, and oscillators, it seems favourable for traders to enter a short position.

Trade Suggestion:

• Entry Point: 0.6344
• Take Profit: 0.6265
• Stop Loss: 0.6402

USD/JPY Technical Overview:

Exponential Moving Average

• EMA 5: The 5-day EMA stands at 147.19, indicating a Buy signal.
• EMA 20: The 20-day EMA is at 146.48, signalling a Buy sentiment.
• EMA 50: The 50-day EMA currently sits at 145.76, suggesting a Buy indication.

Simple Moving Average

• SMA 5: The 5-day SMA shows a value of 147.25, reinforcing the Buy recommendation.
• SMA 20: With a value of 146.33, the 20-day SMA also supports a Buy sentiment.
• SMA 50: The 50-day SMA registers at 146.02, affirming a Buy indication.

RSI (Relative Strength Index)

The RSI, calculated over a 14-day period, stands at 61.78, signifying a positive signal.

Stochastic Oscillator

The %K value of the Stochastic Oscillator suggests a Neutral stance.

Resistance And Support Levels

• Resistance: The resistance level is observed at 147.76
• Support: The support level is identified at 147.24

Summary And Trade Suggestions

In summary, the technical analysis of USDJPY points towards a Buy sentiment. Considering the indicators, moving averages, and oscillators, it seems favourable for traders to enter a long position.

Trade Suggestion:

• Entry Point: 148.00
• Take Profit: 149.24
• Stop Loss: 147.109