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U.S. Service Sector Growth Slows More Than Expected In November

A report released by the Institute for Supply Management on Wednesday showed the pace of growth in U.S. service sector activity slowed by more than anticipated in the month of November. The ISM said its non-manufacturing index dipped to 53.9 in November after climbing to 54.7 in October. While a reading above 50 still indicates service sector growth, economists had expected the index to edge down to 54.5. “The non-manufacturing sector had a slight pullback in November,” said Anthony Nieves, Chair of the ISM Non-Manufacturing Business Survey Committee. He added, “The respondents hope for a resolution on tariffs and continue to be hampered by constraints in labor resources.” The bigger than expected decrease by the headline index was partly due to a steep drop by the business activity index, which tumbled to 51.6 in November from 57.0 in October. Meanwhile, the new orders index rose to 57.1 in November from 55.6 in October and the employment index climbed to 55.5 from 53.7. The report said the prices index also increased to 58.5 in November from 56.6 in October, indicating a faster rate of price growth. On Monday, the ISM released a separate report showing U.S. manufacturing activity contracted for the…

German Vehicle Industry To Shed Jobs At Faster Rate In 2020: VDA

German vehicle manufacturers are likely to cut more jobs in 2020 after employment in the industry hit its highest in nearly three decades last year. The employment level remained stable at 835,300 during the first nine months of this year, but the increase in the figure recorded during the first half of the year melted away in recent months, President of the German Association of the Automotive Industry (VDA) Bernhard Mattes said in a statement on Wednesday. “Capacity utilization has declined, limited-term employment contracts are not being renewed, and the instrument of short-time work is being employed once again. We have to expect a decrease in the size of the core workforce,” Mattes said. VDA expect to see a decrease in the figures this year in comparison with the previous year’s figure of 834,000 employees. “A trend that will be more pronounced in 2020,” Mattes added. The group expects a decrease of 4.1 million, or 5 percent, in global passenger car sales, which is larger than that recorded during the financial crisis a decade ago. The slowdown in the Chinese market is largely to blame. The VDA expects the world market for passenger cars to hit a volume of 78.9…

December 4, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

Since October 21, 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.Moreover, an ascending wedge reversal pattern was confirmed on October 22. This indicated a high probability of bearish reversal around the mentioned price zone.Hence, a quick bearish movement was anticipated towards 1.2780 (Key-Level) where bullish recovery was recently demonstrated on two consecutive visits.Since then, the GBP/USD pair has been trapped between the mentioned price levels (1.2780-1.3000) until Today 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 is currently testing the upper limit of the newly-established depicted short-term bullish channel. That’s why, high probability of bearish rejection exists around the current price levels.Conservative traders may have to wait for a bearish pullback towards 1.2980-1.3000 for a valid BUY signal. Estimated bullish target to be located around 1.3120 and 1.3150.On the other hand, please note that any bearish closure below 1.2980 invalidates the bullish scenario for the short-term allowing further bearish decline towards 1.2900 then 1.2850.The material has been provided by InstaForex Company…

Oil Prices Rally Before OPEC+ Meet

Oil prices rose sharply on Wednesday amid expectations that OPEC and its partners, including Russia, will extend their current production agreement by three months when they meet later this week. Bullish inventory data also helped to lift prices. Benchmark Brent crude climbed nearly 2 percent to $62.01 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 1.7 percent at $57.05. The OPEC countries and its allies are preparing to approve deeper crude output cuts this week, when they meet in Vienna, according to Iraq, the group’s second-biggest producer. Iraq oil minister Thamer Ghadhban told reporters on Tuesday that a deeper cut is being preferred by a number of key members when they meet on Thursday and then on Friday. Meanwhile, according to the industry group American Petroleum Institute (API), crude oil inventories in the U.S. fell by more than expected last week. Stockpiles of crude oil fell by 3.7 million barrels, more than double expectations of a decline of 1.7 million barrels. The material has been provided by InstaForex Company – www.instaforex.com…

NASDAQ_ideas for the session

Good afternoon,NASDAQ has dropped sharply in the recent 2 days from 8,400 levels. It found support in the 8,160 area, lows of early November, now is almost 150 ticks higher. While the yellow trendline, the steepest descending channel has been broken this morning, providing some technical relief, I would like to SELL close to 8,325 levels (red line) with stops around 8,345.The 1st target in the green line should be met somewhere around 8,270. Check out if it’s broken.Stay safeThe material has been provided by InstaForex Company – www.instaforex.com…

BTC 12.04.2019 – Watch for another down wave

Crypto news:Cryptocurrency data analytics firm, CoinMetrics, recently published the 28th issue of its weekly ‘State of the Network’ series, reporting changes in network data over the past week. According to CoinMetrics, mining revenue for both Bitcoin and Ethereum are down significantly for the second consecutive week, mostly due to the pronounced fall in prices over the same period.The report also showed that ETH fees dropped by 14.4% this week, compared to the 20% growth seen the week before, which CoinMetrics attributed to the launch of the Gods Unchained marketplace.The data also highlighted that Bitcoin’s market value to realized value (MVRV) ratio had started to increase over the past week, after dipping to a six month low of 1.23 last week. The report noted that as of 1 December, BTC MVRV was 1.32.Technical analysis:Bitcoin has been trading higher in the past 8hours. Anyway, BTC reached and rejected of the very important resistance at the price of $7.650, which his good sign that sellers are still in control. In my opinion BTC did re-test of the broken bear flag pattern. Watch for selling opportunities and downward targets at $7.079, $6.889 and $6.561. MACD oscillator is showing neutral stance and no expansion.Resistance levels are…

Fractal analysis for major currency pairs as of December 4

Hello, dear colleagues.
For the Euro/Dollar pair, the price forms the initial conditions for the top of November 29 and the level of 1.1096 is the key resistance. For the Pound/Dollar pair, we expect the continuation of the upward cycle from November 27 after the breakdown of 1.3075. For the Dollar/Franc pair, we expect the development of the upward structure from November 29 after the breakout of 0.9862. For the Dollar/Yen pair, we follow the formation of a downward structure from December 2 and the level of 108.31 is the key resistance. For the Euro/Yen pair, the price is close to the cancellation of the upward structure of November 22, which requires a breakdown of the level of 120.10. For the Pound/Yen pair, the price is still in the correction area for the upward structure of November 22 and the level of 140.24 is the key support.
Forecast for December 4:
Analytical review of currency pairs on the H1 scale:

For the Euro/Dollar pair, the key levels on the H1 scale are 1.1170, 1.1130, 1.1114, 1.1096, 1.1065, 1.1048, and 1.1024. We follow the formation of the expressed initial conditions for the top of November 29. We expect the upward movement to continue after the breakdown…

EUR/USD. December 4. The euro took the lead in the confrontation with the dollar, but for how long?

EUR/USD – 4H.

On December 4, the EUR/USD pair performed an increase to the Fibo level of 50.0% (1.1080). However, this level did not become any strong barrier for the euro-dollar pair. At least, a pronounced rebound from it did not happen, but now the quotes can perform a reversal in favor of the US currency and resume the process of falling. It is difficult to say how long it will last and how strong it will be, as the pair closed over the downward trend corridor, indicating a desire to start an upward trend.
The information background can now be safely identified with only one figure on the world stage – with Donald Trump. The US president likes to be on the front pages of all periodicals, so he continues to distribute comments in which he criticizes half the world, not forgetting “his own garden” – the Fed and Jerome Powell. However, there is no shortage of Trump’s actions by US trade partners. The American president imposed duties against Argentina, Brazil, Turkey, China; he is preparing to impose duties on France, as well as automotive products from the European Union. Not to mention the expansion of the trade war with China, which…

Hong Kong PMI Continues To Tumble – IHH

Hong Kong’s private sector continued to contract in November, and at a faster pace, the latest survey from IHH revealed on Wednesday with a 16-year low PMI score of 38.5. That’s down from 39.3 in October and it moves further beneath the boom-or-bust line that separates expansion from contraction. The November reading saw the sharpest decline in business activity in survey history, while the fall in new business was the sharpest since 2008. Business confidence remained close to a record low. Political unrest continued to disrupt the functioning of businesses, according to survey respondents. The material has been provided by InstaForex Company – www.instaforex.com…