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Gold Futures Settle At Over 7-year High

Gold prices rose sharply on Monday, extending gains to a third successive session, amid hopes central banks across the globe will announce further stimulus to revive the economies that are falling into a deep recession due to the coronavirus outbreak. Gold futures recorded their highest settlement since December 2012, as investors picked up the safe-have commodity even as global stocks rebounded after data showed a drop in new coronavirus cases in some of the virus hot spots in the European region. The dollar index, despite a choppy ride, held in positive territory. It was last seen at 100.70, up 0.12% from previous close, after moving between 100.48 and 100.93. Gold futures ended up $48.20, or about 2.9%, at $1,693.90 an ounce, the highest settlement price since December 17, 2012. Gold futures for June ended up $8.00, or about 0.5%, at $1,645.70 an ounce on Friday, after scoring a gain of 2.9% a session earlier. Silver futures for May ended up $0.675 at $15.193 an ounce, while Copper futures for May settled at $2.2175 per pound, gaining $0.0250 for the session. With dismal monthly jobs data from the Labor Department on Friday, and weak economic data from the euro area…

Singapore Announces S$5.1 Bln Additional Stimulus On Covid-19 Shock

Singapore announced an additional S$5.1 billion (US$3.6 billion) stimulus to save jobs and protect the livelihoods of people amid the spread of coronavirus, or COVID-19, pandemic. This is the third stimulus package, which was unveiled by Deputy Prime Minister Heng Swee Keat on Monday, and covers wage subsidies and cash payout. With the latest announcement, the government’s response to COVID-19 will total S$59.9 billion or around 12 percent of GDP. The budget deficit is estimated to rise to 8.9 percent of GDP this year. The government obtained President’s in-principle support for a draw of up to S$17 billion from past reserves to finance its second package. The central bank had eased its monetary policy last week as the city-state is expected to enter a deep recession due to the interruptions to economic activity caused by the outbreak of COVID-19. “The primary aim of this Solidarity Budget is to take further steps to save jobs and protect the livelihoods of our people during this temporary period of heightened measures,” Heng said. “We will also help businesses preserve their capacity and capabilities, to resume activities when the circuit breaker is lifted,” he added. The wage subsidy for all firms…

Gold Prices Rise 1% As Dollar Stays Flat

Gold prices rose on Monday after the U.S. Labor Department’s report on Friday showed that the economy shed 701,000 jobs in March, halting decade-long record of growth. Coronavirus fears also drove investors towards the safe-haven metal. Spot gold rose about 1 percent to $1,634.99 per ounce, while U.S. gold futures were up 1.1 percent at $1,663.00 per ounce. U.S. employment plunged by 701,000 jobs in March after an increase of an upwardly revised 275,000 jobs in February. Economists had expected employment to slump by 100,000 jobs compared to the addition of 273,000 jobs originally reported for the previous month. The much bigger than expected decrease came as employment in the leisure and hospitality sector plummeted by 459,000 jobs, mainly in food services and drinking places. The jobless rate rose to 4.4 percent from 3.5 percent in February. Meanwhile, the United States on Sunday entered one of the most critical weeks so far in the coronavirus crisis, with government officials warning that the death toll in places such as New York, Michigan and Louisiana was a sign of trouble to come in other states. The material has been provided by InstaForex Company – www.instaforex.com…

Evening review for EUR/USD for April 6th. Market optimism caused by expectations of epidemic decline

As we can see on the chart, S&P500 is moving up.
There is a rise amid expectations of the coronavirus decline in the US.
Coronavirus:
In Europe, the situation is improving. In Italy and Spain, a number of deaths ( around 500 and 700) dropped from the highest level of 1 thousand people a day. A number of infected people is advancing by 6%-7% every day.
In the US, the total number of infected people is 337 thousand. In New York, a number of confirmed coronavirus cases is 123 thousand. Of course, it is too much for such a city. Nevertheless, a number of new cases is below 10% a day (+7%).
Reports on coronavirus from the US are really fresh. The data is expected to be confirmed during the next two days.
This week can become a pivot point for the US.
In Russia, the epidemiological situation is getting worse and worse. A number of new cases grew by 15% a day to 6,346 people. More than 70% of all cases were recorded in Moscow.
EUR/USD
Buy positions can be opened at 1.1040.
Sell positions can be opened at 1.0635.
The material has been provided by InstaForex Company…

April 6, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

Since December 30, the EURUSD pair has trended-down within the depicted bearish channel until few weeks ago, when a new low around 1.0790 was recently established where the EUR/USD pair looked OVERSOLD after such extensive bearish decline.On February 20, recent signs of bullish recovery were demonstrated around 1.0790 leading to the recent steep bullish movement towards 1.1000, 1.1175, 1.1360 and finally 1.1480 where a (123) bearish reversal pattern was initiated around.This turned the short-term technical outlook for the EURUSD pair into bearish when bearish persistence below the Key Zones of 1.1235 and 1.1175 was maintained on a daily basis.Few weeks ago, the EURUSD pair has expressed significant bullish recovery around the newly-established bottom around 1.1065.The recent bullish engulfing H4 candlesticks as well as the recently-demonstrated ascending bottoms indicated a high probability bullish pullback at least towards 1.0980 and 1.1075 (Fibonacci Level 50%).Key Supply-Levels in confluence with significant Fibonacci levels are located around 1.1075 (50% Fibonacci) and 1.1175 (61.8% Fibonacci) where bearish rejection was highly-expected.Moreover, a Head & Shoulders reversal pattern was being demonstrated around the price levels of (1.1000 – 1.1075). The reversal pattern neckline existing near the key-level around 1.1000 was recently breached to the downside confirming the reversal.Shortly after,…

*BDI: German Economy To Shrink 3-6% This Year

BDI: German Economy To Shrink 3-6% This Year The material has been provided by InstaForex Company – www.instaforex.com…

April 6, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

Recently, the GBPUSD has reached new LOW price levels around 1.1450, slightly below the historical low (1.1650) achieved in September 2016.That’s when the GBP/USD pair looked very OVERSOLD around the price levels of 1.1450 where a double-bottom reversal pattern was recently demonstrated.Technical outlook will probably remain bullish if bullish persistence is maintained above 1.1890-1.1900 (Double-Bottom Neckline) on the H4 Charts.Bullish breakout above 1.1900 (Latest Descending High) invalidated the bearish scenario temporarily & enabled a quick bullish movement to occur towards 1.2260.Next bullish targets around 1.2520 and 1.2680 were expected to be addressed if sufficient bullish momentum was maintained.However, early bearish pressure signs have originated around 1.2470 leading to another bearish decline towards 1.2265.That’s why, H4 Candlestick re-closure below 1.2265 is needed to hinder further bullish advancement and enhance the bearish momentum on the short term.If so, Initial Bearish target would be located around 1.1900 provided that quick H4 bearish closure below 1.2265 is achieved.On the other hand, bullish persistence above 1.2265 would probably enhance another bullish pullback movement up to the price level of 1.2470.Trade recommendations :Conservative traders should be waiting either for another bullish pullback towards 1.2350 or another H4 bearish closure below 1.2265 as a valid SELL signal. T/P…

Trading plan for EUR/USD for April 06, 2020

Technical outlook:EUR/USD might have completed its corrective drop that had begun from 1.1150 levels. A bottom might be in place at 1.0775 on Friday and that EUR/USD might begin to rally towards 1.1500 levels. Initial resistance is seen 1.0866 levels and a break higher would confirm that bulls are back in control. Also, a push above the resistance trend line would be quite encouraging for bulls to continue further. On the flip side, if prices drop below 1.0775, the next support should come towards 1.0745 levels, which is also the fibonacci 0.786% retracement of the previous rally. The overall bullish structure remains intact until prices stay above the 1.0636 levels. Trading point of view, it remains good to hold on the long side with risk at 1.0636 respectively. Please be prepared for a marginal low below 1.0775 levels before the rally could resume.Trading plan:Remain long and add further @ 1.0745, stop @ 1.0636, target is 1.1500Good luck!The material has been provided by InstaForex Company – www.instaforex.com…

Oil will show the “Canadian” way

What can’t you do to pull the American stock market out of the abyss! And you will implement the $2 trillion fiscal stimulus, and the Fed will force the rate to drop almost to zero and reanimate QE, and you will reconcile the enemies. One of the important drivers of the fall in US stock indices is the peak of Brent and WTI to the area of 18-year lows, which negatively affects the stock prices of oil companies in the United States, increases the risks of their defaults and bankruptcies. In order to prevent this, Donald Trump has to put pressure on Russia and Saudi Arabia. Events in the black gold market attract the attention of investors, and along with it, interest in the currencies of oil-exporting countries is growing.The OPEC+ meeting and the report on the maple leaf country’s labor market for March make you look at the Canadian dollar. At the end of the second decade of spring, its position seemed hopeless, but cheap liquidity from the Fed and Donald Trump’s intervention in the oil war between Moscow and Riyadh changed the picture somewhat. The US President insists that the cartel and other producing countries reduce production by 10-15…

Analysis for Gold 04.06.2020 – Major pivot resistance at the price of $1.644 on the test, watch forr potential price action

News:The ousted US inspector general of the intelligence community has said he is “disappointed and saddened” that Donald Trump fired him, but he also encouraged other inspectors general to continue to speak out when they are aware of wrongdoing.The US president notified Congress late on Friday evening that he intended to fire Michael Atkinson, a pivotal figure in his impeachment last year, because he had lost confidence in him. On Saturday, Trump made it clear that the move had been retaliatory, telling reporters that Atkinson was a “disgrace” and had done “a terrible job” because he had provided an anonymous whistleblower complaint to Congress – a move that was required by law.Technical analysis: Gold has been trading upwards. The price tested the level of $1.636 Anyway, the gold is near very important resistance pivot level at $1.644.The eventual upside breakout of the $1.644 may confirm further rise towards the $1.670 and $1.689. Buying would be preferable if this scenario happens.The eventual rejection may confirm rotation downside towards the levels at $1.607 and $1.598. Selling would be preferable if this scenario happens.Stochastic oscillator is showing reading above the 80 and the overbought condition..Resistance level is set at $1.644Support levels are set at…