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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…

GBP/USD: plan for the US session on December 4. The services sector revived demand for the British pound, which went to update

To open long positions on GBPUSD, you need:The services sector has revived demand for the British pound, which went to renew highs before the important general election in the UK, which is scheduled for December 12 this year. The breakout of the large resistance of 1.3009, which I paid attention to in my morning forecast, led to the demolition of several stop orders of sellers and further supported GBP/USD. At the moment, after fixing above the next resistance of 1.3039, the bulls rushed to the maximum of 1.3074 and 1.3125, where I recommend taking the profits. With a downward correction in the second half of the day, which is unlikely to happen today, you can count on new purchases after a false breakout at a minimum of 1.3055.To open short positions on GBPUSD, you need:Sellers are in no hurry to return to the market after the demolition of several stop orders. Therefore, it is best to focus on the resistance of 1.3125, the formation of a false breakout on which will be a signal to sell the pound. Otherwise, it is best to sell GBP/USD on a rebound from the level of 1.3167. Only good data on the services sector in…

Pound Little Changed After U.K. PMI Data

Following the release of the UK Markit/CIPS final composite PMI for November at 4.30 am ET Wednesday, the pound changed little against its major rivals. The pound was trading at 1.3042 against the greenback, 141.88 against the yen, 1.2900 against the franc and 0.8487 against the euro around 4:35 am ET. The material has been provided by InstaForex Company – www.instaforex.com…

Technical analysis of AUD/USD for December 04, 2019

Overview: The AUD/USD pair will continue moving downwards from the level of 0.6826 (this level coincides with the 38.2% of Fibonacci retracement levels in H4 chart). Accordingly, the Aussie is going to show signs of strength at the lowest price of 0.6820. Thus, it will be a good deal to sell below the level of 61.8% of Fibonacci retracement levels on H1 chart with the first target at 0.6771 and further at 0.6726. Equally important, 0.6726 will be acting as a strong support so it is going to be a good place to take profit, it also should be noted that this level of taking profit will coincide with around last bearish wave. On the other hand, in case a reflection takes place and the AUD/USD pair is not able to break through the resistance at the 0.6820 level, the market will further decline to 0.6726 in order to indicate a bearish market. Additionally, the RSI is still calling for a strong bearish market as well as the current price is also below the moving average 100. According to previous events, the AUD/USD pair has still been trapped between the level of 0.6826 and the 0.6726 level (those levels coincided…

Analysis of EUR / USD and GBP / USD for December 4. China is racing for new duties from Donald Trump

EUR / USD
On December 3, the EUR/USD pair completed without a fundamental change in the exchange rate. Despite the fact that the current wave marking involves the completion of the construction of the downward correctional part of the trend and the construction of a new upward trend, there are still doubts before the successful attempt to break the maximum of wave b that markets will be able to bring this scenario to life. Nevertheless, it will be possible to speak more confidently about the prospects for the euro currency after the peak of wave b remains below. If the attempt to break through the peak of wave b is unsuccessful, then the instrument can proceed to construct a horizontal wave structure.
Fundamental component:
On Tuesday, the news background for the euro-dollar instrument was weak. There were a lot of news and economic reports on Monday, which caused quite strong purchases of the euro. However, on Tuesday, there are no news except Donald Trump’s new threats to impose duties on the entire world, in particular the countries of Europe and China. It is the topic of the trade war with China that keeps many economists awake, as the next…

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…

Japan Service Sector Stages Weak Recovery

The services sector in Japan moved back into expansion in November, albeit barely, the latest survey from Jibun Bank showed on Wednesday with a PMI score of 50.3. That’s up from 49.8 and it moves back above the boom-or-bust line of 50 that separates expansion from contraction. Individually, activity rebound in November, although growth was marginal amid soft new order expansion. Input price inflation accelerated but charges rose at a slower rate. The survey also showed that the composite index moved up to 49.8 in November from 49.1 in October. The material has been provided by InstaForex Company – www.instaforex.com…

EUR/JPY approaching support, potential bounce!

Trading Recommendation
Entry: 120.0051Reason for Entry: 100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap support
Take Profit : 120.6125Reason for Take Profit: Horizontal overlap resistance, 61.8% Fibonacci retracement
Stop Loss: 119.6574Reason for Stop loss::horizontal swing low support, 76.4% fibonacci retracementThe material has been provided by InstaForex Company – www.instaforex.com…

*Australia Performance Of Service Index 53.7 In November – AiG

Australia Performance Of Service Index 53.7 In November – AiG The material has been provided by InstaForex Company – www.instaforex.com…

Comprehensive analysis of movement options of #USDX vs EUR/USD vs GBP/USD vs USD/JPY for December 4

Minuette operational scale forks (H4)
The movement of instruments required a correction in the markup. Now, we are looking at the updated comprehensive analysis of #USDX, EUR/USD, GBP/USD and USD/JPY for December 04, 2019.
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US dollar index
From December 04, 2019, the development of the movement of the dollar index #USDX will be determined by the development and direction of the breakdown of the boundaries of the equilibrium zone (97.95 – 97.80 – 97.65) of the Minuette operational scale forks. The markup of the options for this movement is presented on the animated chart.
The breakdown of the lower boundary of ISL61.8 of the equilibrium zone of the Minuette operational scale forks (support level of 97.65) – will determine the continuation of the downward movement of #USDX to the boundaries of the 1/2 Median Line channel (97.42 – 97.20 – 97.00) of the Minuette operational scale forks.
On the contrary, the breakdown of the resistance level of 97.95 at the upper boundary of the ISL38.2 equilibrium zone of the Minuette operational scale forks is an option for the development of the movement of the dollar index to the boundaries of 1/2 Median Line Minuette channel (98.07 – 98.17 -…