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*U.S. Crude Oil Inventories Plunge By 4.9 Million Barrels In Week Ended 11/29

U.S. Crude Oil Inventories Plunge By 4.9 Million Barrels In Week Ended 11/29 The material has been provided by InstaForex Company – www.instaforex.com…

*U.S. Non-Manufacturing Index Dips To 53.9 In November

U.S. Non-Manufacturing Index Dips To 53.9 In November The material has been provided by InstaForex Company – www.instaforex.com…

*Bank Of Canada Maintains Overnight Rate Target At 1.75%

Bank Of Canada Maintains Overnight Rate Target At 1.75% The material has been provided by InstaForex Company – www.instaforex.com…

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…

Gold 12.04.2019 – Watch for potential breakout of $1.484 to confirm further upside continuation

Gold is building pivots around Pitchfork ML and important resistance at $1.479. It is very common that after the price reach Pitchfork ML, we see multiply pivots to form around that ML. The breakout of the $1.484 will confirm further upside and potential test of $1.484,$1.500. Stochastic oscillator is showing overbought condition but at the same time I found that new high in reading, which confirms stronger money flow on the upside.Support levels are seen at the price of $1.472 and $1.466. Resistance levels are set at the price of $1.484, $1.494 and $1.503.The material has been provided by InstaForex Company – www.instaforex.com…

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…