Tag Archives: forex markets

Elliott wave analysis of GBP/JPY for December 9 – 2019

GBP/JPY is consolidating before the next rally higher towards 143.25 and 144.55. Support at 141.70 will protect the downside for the next rally to 142.96 and 143.25 for the rally higher to 144.55. A break below 141.70 will be of concern, but only a break below support at 140.81 will indicate red wave v and black wave iii already has completed and a more prolonged correction in wave iv is developing. R3: 144.55R2: 143.87R1: 143.25Pivot: 142.77S1: 142.44S2: 142.16S3: 141.70Trading recommendation: We are long GBP from 140.12 with our stop placed at 141.55. We will take profit at 144.45 The material has been provided by InstaForex Company – www.instaforex.com…

EUR/USD reacting below resistance, potential drop!

Trading RecommendationEntry: 1.10660Reason for Entry: 38.2% Fibonacci RetracementTake Profit : 1.10280Reason for Take Profit: 61.8% Fibonacci retracementStop Loss: 1.11090Reason for Stop loss:horizontal swing high resistanceThe material has been provided by InstaForex Company – www.instaforex.com…

Forecast for EUR/USD on December 9, 2019

EUR / USD
On Friday, the price returned to the Fibonacci level of 123.6% and under the embedded line of the declining blue price channel, due to excellent data on US employment. At the same time, the breakdown of support occurred exactly at the intersection of these two lines, which is a sign of strong movement, with prospects for further development. The signal line of the Marlin oscillator, in turn, returned to the downward trend zone.
The first target of the movement will be the Fibonacci level of 138.2% at the price of 1.0985. After that, breaking through this support from which the price turned up on November 29 and 14, will open lower targets: 1.0925 (lows of September 12 and 3) and 1.0895. As it moves further, the price will have to fight with the Fibonacci level of 161.8% at the price of 1.0845 and go down to the lower line of the blue price channel in the region of 1.0710.
On the four-hour chart, the price has consolidated below the MACD line; the Marlin oscillator is completely in a downward trend.
The material has been provided by InstaForex Company – www.instaforex.com…

Weekly Gold analysis

Gold price got rejected at the $1,490 resistance area and remains inside the weekly bearish channel its been in since the summer top. Gold price bounced as expected by our analysis towards $1,480-90 area. Gold back tested the important resistance area of $1,490 which was previously an important break down area.Green lines bearish channelGold price weekly candlestick is a bearish one as price pushed towards channel resistance and price turned around and ended the week near its week lows. Bulls need to recapture $1,490-$1,500 level in order to hope for new highs above $1,557. Major support is found at last week’s low around $1,450. A weekly close below that level will open the way for a move lower towards $1,400-$1,370. We warned in our last analysis that Gold was at a very important resistance level. The rejection that followed was a bearish sign. Bears now need to break below $1,450 in order to confirm they are under control of the trend. The material has been provided by InstaForex Company – www.instaforex.com…

Gold Settles Lower As Riskier Assets Rise On Trade Hopes, Jobs Data

Gold prices drifted lower on Friday as traders went for riskier assets such as equities thanks to upbeat U.S. monthly jobs data and rising optimism about a phase one U.S.-China trade deal. The dollar’s strong uptick contributed as well to the yellow metal’s decline. The dollar index rose to 97.84 and was last seen hovering around 97.70, up more than 0.3% from previous close. Gold futures for February ended down $18.00, or about 1.2%, at $1,465.10 an ounce. On Thursday, gold futures for February ended up $2.90, or 0.2%, at $1,483.10 an ounce. Gold futures shed about 0.5% in the week. Silver futures for March ended down $0.463 at $16.596 an ounce, while Copper futures for March settled at $2.7250 per pound, up $0.0620 from previous close. In trade news, China said it would waive import tariffs for some soybeans and pork shipments from the United States. The tariff waivers were based on applications by individual firms for U.S. soybeans and pork imports, the finance ministry said in a statement, but didn’t not specify the quantities involved. The waiver of 25% tariffs comes two weeks before a critical decision on the fate of the December 15 tariff increases. On…

U.S. Consumer Sentiment Climbs To Seven-Month High In December

Preliminary data released by the University of Michigan on Friday showed a much bigger than expected improvement in U.S. consumer sentiment in the month of December. The report said the consumer sentiment index climbed to 99.2 in December from the final November reading of 96.8. Economists had expected the index to inch up to 97.0. With the much bigger than expected increase, the consumer sentiment index reached its highest level since hitting 100.0 in May. The current economic index jumped to 115.2 in December from 111.6 in November, while the index of consumer expectations rose to 88.9 from 87.3. Surveys of Consumers chief economist Richard Curtin said nearly all of the improvement in consumer sentiment in December was among upper income households, who reported near record gains in household wealth due to record high stock prices. “Indeed, among households with incomes in the top third of the distribution, their overall assessment of their current finances was the third highest in the past twenty years,” Curtin said. He added, “These gains were aided by declining inflation expectations, with long term inflation expectations returning to an all-time low.” The report said one-year inflation expectations edged down to 2.4 percent in December from…

Surge In U.S. Non-farm Payrolls Lifts Dollar

The U.S. dollar was notably higher against its major trading partners in the European session on Friday, as the economy created much more jobs than forecast in the month of November, supporting hopes for the Federal Reserve to keep policy unchanged when it meets next week. Data from the Labor Department showed that U.S. job growth was in a substantial acceleration in November. The report said non-farm payroll employment surged by 266,000 jobs in November after climbing by an upwardly revised 156,000 jobs in October. Economists had expected an increase of about 180,000 jobs compared to the addition of 128,000 jobs originally reported for the previous month. The unemployment rate edged down to 3.5 percent in November from 3.6 percent in October. The unemployment rate was expected to remain unchanged. The Federal Reserve’s final rate setting meeting of the year is due next week. The Central Bank is expected to keep rates on hold at 1.50-1.75 percent. Investors focused on developments in China-U.S. trade front after President Donald Trump commented that the talks were “moving right along.” Trump’s remarks came after Beijing asserted that some U.S. tariffs should be rolled back as part of an interim deal. U.S. Treasury Secretary…

*U.S. Consumer Sentiment Index Climbs To 99.2 In December

U.S. Consumer Sentiment Index Climbs To 99.2 In December The material has been provided by InstaForex Company – www.instaforex.com…

Malta Economic Growth Slows In Q3

Malta’s economic growth slowed further in the third quarter, preliminary data from the National Statistics Office showed on Friday. Gross domestic product grew 5.5 percent year-on-year following a 7.1 percent increase in the previous quarter. The pace of growth has been slowing since the fourth quarter of last year. In chain-linked volume terms, the economy grew 3.4 percent year-on-year after a 4.9 percent expansion in the second quarter. The rate of growth slowed for a third straight quarter. Total final consumption expenditure increased 2.5 percent in volume terms, led by a 2 percent growth in household expenditure and a 4 percent rise in government expenditure. Gross fixed capital formation rose 0.2 percent. Exports of goods and services increased by 3.6 percent and imports increased 1.0 percent. The material has been provided by InstaForex Company – www.instaforex.com…

U.S. Employment Jumps Much More Than Expected In November

Job growth in the U.S. showed a substantial acceleration in the month of November, according to a closely watched report released by the Labor Department on Friday. The report said non-farm payroll employment surged up by 266,000 jobs in November after climbing by an upwardly revised 156,000 jobs in October. Economists had expected an increase of about 180,000 jobs compared to the addition of 128,000 jobs originally reported for the previous month. With the stronger than expected job growth, the unemployment rate edged down to 3.5 percent in November from 3.6 percent in October. The unemployment rate was expected to remain unchanged. The material has been provided by InstaForex Company – www.instaforex.com…