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U.S. Consumer Sentiment Shows Slight Deterioration In January

A report released by the University of Michigan on Friday showed a slight deterioration in U.S. consumer sentiment in the month of January. Preliminary data showed the consumer sentiment index edged down to 99.1 in January from the final December reading of 99.3. Economists had expected the index to come in unchanged. The slight decrease by the headline index came as the index of consumer expectations dipped to 88.3 in January from 88.9 in December. On the other hand, the report said the current economic conditions index crept up to 115.8 in January from 115.5 in December. Surveys of Consumers chief economist Richard Curtin noted the impeachment of President Donald Trump was mentioned but just 1 percent of consumers. “While those that mentioned impeachment were also somewhat less optimistic than other consumers, the small numbers had a negligible impact on the overall level in consumer sentiment,” Curtin said. With regard to inflation, one-year inflation expectations rose to 2.5 percent in January from 2.3 percent in December, while five-year inflation expectations climbed to 2.5 percent from 2.2 percent. The University of Michigan noted the data was initially unavailable on its website due to an accidental cut of fiber networking on…

Eurozone Construction Output Recovers In November

Eurozone construction output recovered in November, Eurostat reported Friday. Construction output increased 0.7 percent on a monthly basis, in contrast to a 0.5 percent fall in October. The recovery was driven by a 1.1 percent rise in building construction and a 0.3 percent rise in civil engineering. On a yearly basis, construction output growth accelerated to 1.4 percent from 0.9 percent a month ago. In the EU28, construction output increased 1.1 percent on month, taking the annual growth to 1.4 percent. The material has been provided by InstaForex Company – www.instaforex.com…

Gold 01.17.2020 – Decision pivot level on the Gold at the price of $1.562

Gold has been trading sideways at the price of $1.557. The price is near the critical decision level at $1.562 and you should watch carefully the price action around it.The breakout of the $1.562 to the upside will confirm test of $1.557 and in that case you should watch on buying opportunities on the dips.The rejection of the resistance at $1.562 would confirm rotation back towards the level of $1.535.MACD oscillator is showing positive reading but the slow line is tuned to the downside.Major resistance is set at the price of $1.562.Support levels and downward target is set at the price of $1.535.The material has been provided by InstaForex Company – www.instaforex.com…

Oil Prices Inch Up On Growth Optimism

Oil prices inched higher on Friday amid optimism that a more conciliatory approach on trade between the United States and China will help revive growth. A raft of Chinese economic data either met or beat analyst estimates, fueling hopes of an uptick in demand. Benchmark Brent crude edged up 0.3 percent to $64.81 per barrel, while U.S. crude futures were up 0.2 percent at $58.62. The formal signing of the Sino-U.S. trade agreement on Wednesday helped remove a degree of near-term uncertainty as U.S. President Donald Trump heads into a re-election campaign. Under the Phase 1 deal, China will purchase $50 billion worth of U.S. energy products over the next two years. In another development, the U.S. Senate on Thursday approved a revamp of the 26-year-old North American Free Trade Agreement that includes tougher rules on labor and automotive content. On the data front, China’s GDP data came in line with expectations and there was growth in industrial output and retail sales, suggesting the world’s second-biggest economy ended the year on a firmer note. In the whole year of 2019, China’s gross domestic product grew 6.1 percent, which was well within the target of 6-6.5 percent. The material…

EUR/USD. January 17. Overbought euro still caused a fall

EUR/USD – 4H.

As seen on the 4-hour chart, the EUR/USD pair performed a reversal in favor of the US currency and resumed the process of falling in the direction of the low level of 1.1086. A new downward trend corridor has been formed, which now points to the “bearish” mood of most traders. The reversal of quotes in favor of the US dollar occurred with some delay, I was waiting for it 1-2 days earlier. However, in this case, it turned out not so bad, and now I expect a fall to the lower line of the corridor – 1.1040 (approximate goal). A bearish divergence was also formed for the MACD indicator, which also worked in favor of the US currency. The report on inflation in the European Union was not weaker than forecasts, but not stronger than them. Inflation was 1.3% y/y in December, which remains far from the ECB’s target level, which is now 2.0% but can be lowered in the future. Now the main thing is that the information background from America does not scare off bear traders from the plan. In the US, the consumer confidence index and the level of industrial production will be released today.
Forecast…

*Nigeria Dec CPI +0.85% On Month Vs. 1.02% In November

Nigeria Dec CPI +0.85% On Month Vs. 1.02% In November The material has been provided by InstaForex Company – www.instaforex.com…

Dollar takes revenge on euro

The greased weekend of January 17 does not upset the “bulls” of EUR/USD. For most of the five-day period, euro rose against dollar, thanks to traders’ faith in the signing of the trade agreement by Washington and Beijing, as well as the hopes for the “hawkish” rhetoric of the ECB. In reality though, it was worse than expected. Investors doubted whether China will be able to buy $200 billion goods and services from the States more than before. Moreso, the duties on $360 billion of Chinese imports remain in force, and, according to competent Bloomberg sources, Christine Lagarde and her colleagues from the governing council are not afraid of negative rates.In 2017, American exports to China amounted to $186 billion. According to the latest data for 2019, this figure fell to $160 Billion. Wall Street Journal estimates that in order to fulfill its obligations, China must increase purchases of goods and services from the United States to $262 billion in 2020, and to $309 billion in 2021. Theoretically, the colossal numbers should accelerate US GDP, but Wall Street Journal experts, on the contrary, expect it to slow from 2.3% to 1.9%, as business activity in the manufacturing sector continues to fall,…

Malaysian Ringgit Climbs To 1-1/2-year High Against U.S. Dollar

The Malaysian Ringgit strengthened against the U.S. dollar in Asian deals on Friday, as investor sentiment lifted up after strong Chinese economic data. Official data showed that China’s economy grew in line with expectations. Data released by the National Bureau of Statistics showed that China’s gross domestic product or GDP grew 6.1 percent in 2019, which was well within the target of 6 to 6.5 percent growth. The Malaysian Ringgit advanced to a 1-1/2-year high of 4.0540 against the greenback from yesterday’s closing value of 4.0610. If the Ringgit rises further, 3.8 is seen as its next resistance level. The material has been provided by InstaForex Company – www.instaforex.com…

Technical analysis recommendations for EUR/USD and GBP/USD on January 17

Economic calendar (Universal time)
We are waiting for statistics from the eurozone in the morning. Among the important ones, it can be noted 9:30 (retail sales, UK) and 10:00 (consumer price index, EU). After lunch, the time will come for news from overseas (USA). The most significant indicators will be published at 13:30 (the number of issued building permits) and 15:00 (the number of open vacancies in the labor market).
EUR / USD
Yesterday, the players on the decline, having tested the resistance of the final level of the daily dead cross (1.1172), made an attempt to complete the rise again and move to an active decline. Today, we can expect a continued decline in the case of updating yesterday’s low (1.1128). At the same time, the main bearish landmarks remain in their places – 1.1110 (weekly levels) – 1.1065 (upper border of the daily cloud + weekly Kijun) – 1.1022 (lower border of the daily cloud + weekly Fibo Kijun). If the bears are unable to continue the pair, they will most likely remain within the zone of attraction in the near future, formed by the key levels of the daily dead cross (1.1141-53) and the monthly short-term…