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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…

Japan GDP Revised To 1.8% In Q3

Japan’s gross domestic product was bumped all the way up to a seasonally adjusted annualized 1.6 percent in the third quarter of 2019, the Cabinet Office said in Monday’s revision. That was a sharp upward move from the 0.2 percent gain originally reported last month for Q3. On a seasonally adjusted quarterly basis, GDP was moved up to 0.4 percent from 0.1 percent in the preliminary reading. Nominal GDP was knocked up to 0.6 percent on quarter from 0.3 percent, while the GDP deflator was unrevised at 0.6 percent. 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…

EUR/USD. December 8. Results of the week. “Black Friday” for the European currency.

4 hour time-frame
Amplitude of the last 5 days (high-low): 87p – 27p – 49p – 31p – 70p.
Average volatility over the past 5 days: 53p (average).
On Friday, December 6, the EUR/USD currency pair had every chance to continue the not-so-strong upward movement, as the macroeconomic publications planned for this day in America could not reach forecast values well. At the beginning of this week and last week, several macroeconomic reports from the United States have already made market participants nervous and even wonder whether the fed took a pause in the cycle of monetary policy easing too soon? However, as practice has shown, it is not early. The euro fell under serious market pressure and fell to the level of 1.1055, which we designated on Friday morning as the lower limit of the daily trading range for the euro/dollar pair. Thanks to the data received from overseas on Friday.
Let’s start with the least significant Friday report, which, however, is quite important. In October, industrial production in Germany declined by 5.3% yoy and 1.7% mom. Here, even any comments are unnecessary. The only positive thing about this report is that it is an October issue. Nevertheless,…

Short-term Elliott wave analysis on EURUSD

EURUSD is in a corrective phase. Price was expected to move higher as wave B and turn lower towards the 61.8% Fibonacci retracement and wave C. Price did exactly that and now it is important for the bullish scenario to see price reverse to the upside.EURUSD has made a three wave correction this far towards the 61.8% Fibonacci retracement as expected. Now for this bullish wave scenario to be valid, we need to see price reverse to the upside. Another 5 wave upward move is expected to unfold from current levels. Support is at 1.1030 and this scenario will lose its strength if this level is broken downwards. On the contrary, this bullish scenario will increase its chances of success if price breaks above the B wave high. The price action of this week will tell us more of what to expect for EURUSD….1.13 or 1.09?The material has been provided by InstaForex Company – www.instaforex.com…

Oil Futures Rise To Near 3-month High As OPEC Deepens Output Cuts

Crude oil prices rose sharply on Friday after Saudi Arabia and Russia agreed on further output curbs. Positive comments on the trade deal front and upbeat U.S. jobs data contributed as well to oil’s sharp rise. The OPEC and a 10-nation coalition led by Russia called OPEC+ have agreed to deepen oil production cuts in order to prevent oversupply in the market. The new deal agreed upon during the Vienna meet will apply for the first three months of 2020. The move follows the recommendation of the oil exporting countries to deepen the cuts by 500,000 barrels per day to existing 1.2 million barrels per day. The total curb of 1.7 million barrels per day would amount to 1.7% of global crude supply. Saudi Arabia’s energy minister Prince Abdulaziz bin Salman told reporters today that the kingdom’s quota would be an additional 167,000 barrels per day and that it would continue to exceed its quota by 400,000 barrels a day, thus bringing the overall production cut to closer to 2.1 million barrels a day. West Texas Intermediate Crude oil futures for January ended up $0.77, or about 1.3%, at $59.20 a barrel, the highest settlement since September 17. On Thursday,…

U.S. Consumer Credit Jumps More Than Expected In October

Consumer credit in the U.S. increased by more than anticipated in the month of October, according to a report released by the Federal Reserve on Friday. The Fed said consumer credit surged up by $18.9 billion in October after climbing by $9.6 billion in September. Economists had expected consumer credit to increase by $16.0 billion. Revolving credit, which largely reflects credit card debt, rose by $7.9 billion in October after edging down by $0.2 billion in September. The report said non-revolving credit, such as student loans and car loans, also jumped by $11.0 billion in October after increasing by $9.4 billion in the previous month. Total consumer credit was up by 5.5 percent compared to the same month a year ago, as revolving credit spiked by 8.8 percent and non-revolving credit surged up by 4.3 percent. The material has been provided by InstaForex Company – www.instaforex.com…

U.S. Wholesale Inventories Inch Up Less Than Expected In October

Wholesale inventories in the U.S. crept up by slightly less than expected in the month of October, according to a report released by the Commerce Department on Friday. The Commerce Department said wholesale inventories inched up by 0.1 percent in October after falling by a revised 0.7 percent in September. Economists had expected inventories to rise by 0.2 percent compared to the 0.4 percent drop originally reported for the previous month. Inventories of non-durable goods climbed by 0.7 percent in October after tumbling by 1.3 percent in September, but inventories of durable goods fell by 0.3 percent for the second straight month. Meanwhile, the report said wholesale sales slid by 0.7 percent in October after edging down by 0.1 percent in September. The continued decrease in wholesale sales came as sales of durable goods fell by 0.6 percent and sales of non-durable goods slumped by 0.9 percent. With inventories rising and sales falling, the inventories/sales ratio for merchant wholesalers ticked up to 1.37 in October from 1.36 in September. 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…