Category Archives: Market Anakysis

Forex market analyized

USD/CAD Bounce above support!

Trading RecommendationEntry: 1.32270Reason for Entry: 38.2% Fibonacci retracement, Graphical Swing lowTake Profit : 1.32700Reason for Take Profit: 61.8% Fibonacci retracement, Horizontal swing highStop Loss: 1.32030Reason for Stop loss:61.8% Fibonacci retracementThe material has been provided by InstaForex Company – www.instaforex.com…

Plans for gold

Good day, dear traders! It is time to turn to gold, for which there is a possibility of a large medium-term decline. Last week turned out to be very exciting for this instrument: at first, the main driver was the news on China, on which gold showed strong growth, but the week ended with a sheer drop in non-farms and a complete absorption of “Chinese” growth. It is important to note that a false breakout of the level of 1478.68, an important level for November sellers, was shown last week which confirms their strength.
Therefore, I believe that in the medium term gold will decline at least to the level of 1445.33. Whether this breakout turns out to be real or false does not matter, its presence is what is of significance to us. It is also necessary to remember that there will be another Federal Reserve meeting and a decision on the interest rate on Wednesday evening, which gold will definitely react strongly to. Therefore, I believe that until Wednesday, the development of a trend for gold is unlikely. I recommend that you wait until the pullback at least half of the Friday fall, after which you can look…

EUR/USD. December 9. Results of the day. China takes a cue from the US and says it is ready to make a deal

4-hour timeframe
Amplitude of the last 5 days (high-low): 87p – 27p – 49p – 31p – 70p.
Average volatility over the past 5 days: 53p (average).
The EUR/USD currency pair adjusted on Monday, December 9, to the critical Kijun-sen line from below, rebounded from it and can now resume moving down. The pair has already formed a death cross sell pattern, but it is weak, since the price is located above the Ichimoku cloud. There was extremely weak volatility of the euro/dollar pair today, since not a single macroeconomic report was planned for the day. Moreover, there will be several diverse macroeconomic events of the largest caliber this week that traders quite reasonably wait for such events. If you list them briefly, you get the following: ECB meeting, Federal Reserve meeting, report on US inflation, December 15, Donald Trump must decide on additional duties on Chinese imports, and elections to the UK Parliament will be held on December 12. Thus, almost every day this week, traders will be waiting for some important event that could potentially send the pair up or down by 60-80 points. However, there was nothing fundamentally interesting on Monday, therefore, trading was calm.
While…

GBP/USD. Pound awaits Britain’s GDP and YouGov’s final verdict

December 10 is an important day for the pound: release of data on the growth of the British economy, and at the end of the US session, YouGov will publish its latest public opinion poll, conducted by a certain methodology, taking into account the specifics of the national electoral system. In addition, we will find out data on the growth of industrial production in the UK – these figures can also affect the general mood of traders. In other words, traders of the GBP/USD pair will feel the turbulence of increased volatility tomorrow, especially if the real numbers do not match the predicted ones.
Let me remind you that at its November meeting, the English regulator lowered its forecasts for the main economic indicators. The GDP growth for the next year was reduced from 1.3% to the lowest level over the past ten years, 1.2%, and in 2021 – from 2.3% immediately to 1.8%. The Bank of England also lowered its inflation forecast – according to its members, its growth will slow by 1.2% by mid-2020, due to lower prices for oil and regulatory restrictions on electricity and water tariffs.
The British GDP indicator has been in the negative…

Bitcoin remains trapped inside the downward sloping wedge pattern.

As per our previous BTCUSD analysis, price remains in a bearish trend, having formed a downward sloping wedge pattern. There were some signs that gave us hope for an upward breakout, but the inability to break above $7,820 has lead price to pull back towards $7,000.Red lines – wedge patternBitcoin is trading inside a downward sloping long-term wedge pattern. Trend is bearish as long as price is below the upper wedge boundary at $8,500. Resistance at $8,500 is key, so bulls will need to break it first. Support is found at $7,075. Inability to hold above it will push price towards $6,000. We are currently at a major Fibonacci reversal area and traders should be very cautious.The material has been provided by InstaForex Company – www.instaforex.com…

What now for USDCAD?

Last time we warned about a possible bearish reversal in USDCAD, price fell from 1.33 to 1.3160. Price since the 1.3160 low has bounced back towards 1.3270 but now we see new warning signs. Bulls need to be very careful.Red line – major resistance trend lineBlack line -short-term resistance trend lineRed arrows – weakness signsBlue line- long-term channel supportUSDCAD is still below the black trend line resistance. As long as price is below 1.33 we remain short-term bearish looking for another test of the blue channel boundary. Short-term support is at 1.3160. If this level is broken we expect the blue channel boundary at 1.3130 to be tested. If on the other hand resistance at 1.33 is broken, we expect USDCAD to move towards 1.34 at least.The material has been provided by InstaForex Company – www.instaforex.com…

December 9, 2019 : EUR/USD Intraday technical analysis and trade recommendations.

Since October 2, the EURUSD pair has been trending-up until October 21 when the pair hit the price level of 1.1175.The price zone of (1.1175 – 1.1190) stood as a significant SUPPLY-Zone that demonstrated bearish rejection for two consecutive times in a short-period.Hence, a long-term Double-Top pattern was demonstrated with neckline located around 1.1075-1.1090 offering valid bearish positions few weeks ago.Shortly After, two consecutive bearish movements were executed towards 1.1000-1.0995 where another two episodes of bullish rejection were demonstrated.That’s why, the price zone of 1.1065-1.1085 where a cluster of supply levels were located (61.8% Fibo – 50% Fibo levels) prevented further bullish advancement.Thus, the EUR/USD Pair has been trapped between the price levels of 1.1000 and 1.1085 (where a cluster of supply levels is located) until Wednesday when a bullish spike was demonstrated above 1.1085 (towards 1.1110).Initial bearish rejection was anticipated around 1.1110 to bring bearish decline towards 1.1065.Moreover, atypical Head & Shoulders reversal pattern is being demonstrated with neckline located around 1.1065.Hence, a valid SELL entry was initially offered upon bearish breakout below 1.1065. Initial bearish target would be located around 1.1010.Trade recommendations :The current bullish pullback towards the recent Supply Zone of (1.1065-1.1085) should be considered for a valid…

December 9, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

On October 21, the GBP/USD pair was demonstrating an ascending wedge reversal pattern while approaching the depicted SUPPLY-zone (1.2980-1.3000).Since Then, the GBP/USD pair has failed to achieve a persistent bullish breakout above the depicted SUPPLY-zone (1.2980-1.3000) which corresponds to a previous Prominent-TOP that goes back to May 2019.This indicated a high probability of bearish reversal around the mentioned price zone. Hence, a quick bearish movement was initiated towards 1.2780 (Key-Level) where bullish recovery was demonstrated on two consecutive visits.That’s why, the GBP/USD pair has been trapped between the mentioned price levels (1.2780-1.3000) until Wednesday when bullish breakout above 1.3000 was achieved.Short-term technical outlook remains bullish as long as consolidations are maintained above 1.3000 on the H4 chart.On the other hand, the pair was recently testing the upper limit of the newly-established depicted short-term bullish channel around 1.3165. Moreover, a double-top pattern is being established around the same price level with neckline located around 1.3100.That’s why, high probability of bearish reversal exists around the current price levels. Bearish closure below 1.3100 (neckline) enhances further bearish decline towards 1.2980 where bullish recovery may be anticipated.Trade Recommendations:Conservative traders may have to wait for a bearish pullback towards 1.2980-1.3000 for a valid BUY signal. Estimated…

BTC 12.09.2019 – Consolidaiton mode active, potential for upside move

Bitcoin has been trading in consolidation mode at the price of $7.520. There is chance for the upward cycle first and potential test of $7.830-$8.360. Anyway, my advice is to watch for potential selling opportunitiesSlow line on the MACD oscillator turned into bull mode, which is indication for potential upside movement in the next period.Support levels are found at the price of $7.128 and $6.500. Resistance levels are found at the price of $7.830 and $8.360.The material has been provided by InstaForex Company – www.instaforex.com…

Gold 12.09.2019 – Broken mini Pitchfork downward channel, potentiaal for more upside

Gold has been trading upside in last 24 hours. I see that there is fresh buy signal on the Gold with potential for test of $1.472 and $1.479. Watch for buying opportunities on the dips on lower frames. Additionally, I found the breakout of the mini Pitchfork downward channel.Stochastic oscillator is showing oversold condition and fresh new bull cross, which adds more confirmation for our bullish view.Support level is seen at the price of $1.458The material has been provided by InstaForex Company – www.instaforex.com…